Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has asserted that the apex bank does not set the foreign exchange (FX) rates, which are instead determined by economic fundamentals. He made this statement during the launch of the Nigeria Development Update in Abuja on Thursday, October 17.
Cardoso emphasized, “The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that.” He expressed confidence that improved collaboration with fiscal authorities would contribute to greater stability in the exchange rate.
Highlighting the CBN’s efforts to boost foreign exchange inflows into the Nigerian economy, Cardoso noted a significant increase from $200 million to $600 million, attributing this growth to the bank's determination and strategic initiatives.
He also pointed out a growing interest from investors, stating, “Many investors now find Nigeria attractive and are coming in to invest in the economy. Before, many potential investors were on the sidelines. Now, it’s amazing to see how many have stepped forward to invest in Nigeria.”
Cardoso's remarks come amid ongoing discussions about Nigeria's economic landscape and the importance of fostering an environment conducive to investment and economic growth.