Insights from CBN Governor Cardoso on Naira’s Potential Appreciation
During the ongoing International Monetary Fund/World Bank Spring Meetings in Washington, D.C., United States, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, emphasized that the sustained liquidity in the foreign exchange market would be a key factor in maintaining the appreciation of the naira.
Cardoso highlighted the ample liquidity present in Nigeria's FX market, ranging between $600 million to $1 billion and reaffirmed the Central Bank's commitment to promoting a voluntary price discovery system between buyers and sellers in the FX market.
In his statement, he envisioned a future where the Central Bank's intervention in the market would be minimal, except in extraordinary circumstances, emphasizing the importance of a well-functioning currency market with ade...