In a report from Vanguard, Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has clarified that the CBN does not control the foreign exchange rate. Instead, he stated that the rate is influenced by economic fundamentals.
During a panel discussion at the launch of the Nigeria Development Update in Abuja, Cardoso reaffirmed his commitment to traditional central banking principles. He said, “The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that.”
Cardoso expressed optimism about the effect of strengthened collaboration with fiscal authorities, suggesting that it could lead to greater stability in the exchange rate. He also discussed the CBN’s efforts to boost foreign exchange inflows into Nigeria’s economy.
He noted, “When we started, FX inflows were about $200 million, but through sheer determination, we now record $600 million.”