{"id":109972,"date":"2024-02-09T20:11:02","date_gmt":"2024-02-09T19:11:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-gives-assurance-of-stability-in-exchange-rate"},"modified":"2024-02-09T22:31:23","modified_gmt":"2024-02-09T21:31:23","slug":"cbn-gives-assurance-of-stability-in-exchange-rate","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-gives-assurance-of-stability-in-exchange-rate","title":{"rendered":"CBN gives assurance of stability in exchange rate"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate.<\/p>\n

CBN Governor Olayemi Cardoso said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday.<\/p>\n

\u201cIn terms of the volatility of the exchange rate, we are using various tools to ensure the stability of the exchange rate sooner than later.<\/p>\n

\u201cI really can\u2019t tell other than to say that I do believe that once all the measures kick in, there will be price discovery that will indeed make sense for everybody.<\/p>\n

\u201cWe all have a responsibility in ensuring demand and supply. We are working on supply, but on the demand side, we all have to moderate our various interests on that.<\/p>\n

\u201cThis is to ensure that demand begins to come to a level that is sustainable,\u201d he said.<\/p>\n

Cardoso said that the apex bank doesn\u2019t have a magic wand to stabilise the foreign exchange, saying that Nigerians also must reduce their frequent demand for dollars for personal use.<\/p>\n

He said that the country must begin to look inward on how to improve its education and health institutions to reduce demand for dollars.<\/p>\n

Cardoso said that the CBN had worked hard to ensure that the crisis of confidence concerning the bank had been diluted.<\/p>\n

\u201cInternational investors are happier to come and invest in our economy. We have seen an increase in appetite for Nigeria, as a result of which the volume of trading in the foreign exchange market has increased in the past few days.<\/p>\n

\u201cIt has exceeded what we have seen in years; that is a solid sign of a return to confidence in our economy,\u201d he said.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate. CBN Governor Olayemi Cardoso said this at an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday. \u201cIn terms of the volatility of the exchange rate, we are using various tools […]<\/p>\n","protected":false},"author":84,"featured_media":109971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-109972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN gives assurance of stability in exchange rate - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, has given assurance of stability in the naira-dollar exchange rate. 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