In the face of forex challenges, the Central Bank of Nigeria (CBN) has implemented a comprehensive strategy to alleviate the situation, according to CBN Governor, Yemi Cardoso, during a sectoral debate organized by the House of Representatives.
Cardoso, addressing the high cost of living, asserted that the current state of Nigeria’s economy surpasses its condition when President Bola Tinubu assumed office in May 2023.
He emphasized the initiation of a multifaceted strategy to enhance liquidity in the foreign exchange markets, encompassing the unification of exchange rate segments, settlement of outstanding FX obligations, introduction of new operational mechanisms for Bureau de Change (BDCs), enforcement of the Net Open Position limit, and adjustment of the remunerable Standing Deposit Facility cap.
Despite acknowledging the economic challenges, Cardoso expressed optimism about ongoing bold reforms, anticipating positive outcomes in the near future. He highlighted international rating agencies’ recent reports and multilateral banks’ commendations, indicating a positive trajectory for Nigeria’s economy with upgrades in ratings from stable to positive.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, echoed this sentiment, assuring Nigerians of a return to normalcy with crude oil production reaching 1.65 million barrels per day (mbd) and the implementation of government palliatives.
He emphasized the importance of domestic resource mobilization amidst inflation and high living costs, expressing confidence in overcoming the challenges with the rollout of palliative measures.
Presentations were also made by the Minister of Budget and National Planning, Atiku Bagudu, and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
-26 September 2024
