Naira Stability: We Are Relatively Pleased with Our Progress So Far – Yemi Cardoso

The Central Bank Governor, Yemi Cardoso, says Nigeria has done relatively well in its efforts to stabilize the Naira.

In a recent interview with Bloomberg, Cardoso said his office is pleased with how far they have gone so far with regards their efforts to ensure the Naira is stable. He also stated that the exchange rates how more or less are merged now to ensure that Nigeria operates a single exchange rate.

In his words;

‘’We feel that a number of things have happened, one of which is that more confidence has come back into the market, a lot inflows have come back because there was very little liquidity at the time and potential players within the market, both on the buy and the sell side are more confident in the future. When I talk about the buy side, bear in mind that in the past, what used to happen is people were panicking and frontloading their request. A lot of that has also calmed down and there is no inclination to do that because liquidity has come back into the market.

We are relatively pleased with how far we have gotten to up till now. In the past two-three weeks after a period of volatility, we have seen a lot of stability within the market. There is hardly been any movement in the currency. The rates have been merged. In the past we had two different rates , right now, we have more or less one rate and we believe that this is good. It allows companies to plan and again it gives an idea of where the potential road of travel is for people who are investing in our economy. I am relatively pleased with where we are . We don’t believe that we have gotten to the position we want to stay at, it is continuous work in progress and we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that market in such a way that it will improve.”