Skip to main content Skip to footer 
At the recent public lecture organized by the Nigerian Economic Society (NES) titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” held at the CBN Centre of Excellence Hall, University of Ibadan, the Central Bank of Nigeria (CBN) has reiterated its commitment to stabilizing the Naira amidst ongoing challenges.
Dr. Usman Opanachi, speaking on behalf of the CBN Governor Dr. Olayemi Cardoso, addressed concerns regarding the Naira’s strength, acknowledging the current difficulties. He stated, “Anytime Naira is on trial, the CBN is also on trial. We are working day and night to address the challenges and we hope things will work out.”
Highlighting the critical role of the exchange rate, Dr. Opanachi emphasized its impact across various sectors, citing inflation and high exchange rates as significant issues. He acknowledged the historical struggle with excess demand for forex in Nigeria, despite past efforts to mitigate it.
Dr. Opanachi clarified the CBN’s role, stating, “The Central Bank of Nigeria does not supply or produce dollars; It is naira that it produces.” He outlined the shift in approach towards market forces, allowing them to play a more significant role in determining the Naira’s price.
Renowned economist Prof. Sam Olofin echoed the challenges, noting the dominance of parallel market forces and the limitations posed by existing regulations. He emphasized the need for innovative solutions, considering the ineffectiveness of traditional approaches.
In his welcome address, Prof. Adeola Adenikinju, President of the Nigerian Economic Society, underscored the urgency of addressing economic weaknesses. He urged the government to consult economists for informed decision-making, emphasizing the profound impact of the exchange rate on the economy.
Prof. Antonia Simbine, Chairman of the event, emphasized the public’s eagerness for solutions to the prevailing challenges, highlighting the imperative for actionable measures.
