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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, clarified that the CBN does not control the foreign exchange rate, stating that it is influenced by economic fundamentals. Speaking at the launch of the Nigeria Development Update in Abuja, Cardoso emphasized the bank’s commitment to traditional central banking principles.
“The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that,” Cardoso said, stressing that collaboration with fiscal authorities would foster greater stability in the exchange rate.
He also highlighted efforts to increase foreign exchange inflows, revealing that inflows had risen from $200 million to $600 million, marking a significant improvement. Cardoso noted the growing confidence among investors, with many now showing increased interest in investing in Nigeria.
