Volume Of Transactions In Exchange Market Hit $800m – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says that for the first time in a longvolume of transactions the exchange market rose to $800 million.
He stated this while addressingat the sectoral debate on the economy.
“We areturning point and the bold reforms on the way across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably,” he said on Tuesday.
“I am confident that positive outcomes are already emerging and will become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.
“On that note, I am happy to inform you that as of yesterday,This is the first time in many years
According to Cardoso, recent reports from international rating agencies like Fitch, Moldes, Standard, and Poor’s and commendations from the World Bank have reflected a positivewith an upgrade to Nigeria’s rating from stable to positive.
Acknowledging the high cost of living and inflation that is biting hard in the country, Cardoso stated that the Federal Government is working with thebank to address the concerns of Nigerians lawmakers.
He explained that despite the positive evaluation of Nigeria’s economy, concerns raisedregarding the currency rate remain.
“I acknowledge that despite theseregarding the cost of living and currency rate remain. This is a major topic of concern in our villages, towns, and cities.
“The urgency of the matter is not lost on us at the CentralI want to assure you that we are working tirelessly with colleagues from across government including the leadership of this House to bring lasting solutions,” he
Nigeria’s inflation has been on the rise for 11 consecutive months, reaching its peak in December 2023, according to the National Bureau of Statistics (NBS).
The annual inflation rate rose to 28.92 per cent in December from 28.20 per cent in November. The headline inflation ratecompared to the November 2023 headline inflation rate.
Giving an outlook for 2024, the CBN governorthat inflation in the country will drop to 21%.
“Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 peraided by improved agricultural productivity and easy global supply chain pressures.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value
Cardoso explained that the apex bank has unveiled measures to address the persistent decline in thenaira.
According to him, the economy must earn throughto boost the He said the CBN plans to instill through stability in consumer prices and the foreign exchange market.
He believes that theare expected to on inflation.