The Central Bank of Nigeria (CBN) has reiterated its commitment to ensuring stability in the naira/dollar exchange rate, as stated by CBN Governor Mr. Olayemi Cardoso during an interaction with the Senate Joint Committee on Banking and Insurance in Abuja on Friday.
Cardoso emphasized the implementation of various tools to stabilize the exchange rate, expressing confidence that these measures would lead to sensible price discovery for all stakeholders. He stressed the need for collective efforts to moderate demand for dollars, highlighting the importance of reducing frequent demand for personal use and promoting local substitution where possible.
The CBN Governor underscored the significance of improving education and healthcare institutions domestically to curb the need for foreign spending. He advocated for the formation of a committee to oversee these efforts and emphasized the shared responsibility of all Nigerians in managing demand for dollars.
Cardoso also noted the efforts made by the CBN to restore confidence in the banking sector, leading to increased interest from international investors and heightened trading volume in the foreign exchange market.
Additionally, Minister of Finance Mr. Wale Edun outlined plans for major tax reforms aimed at boosting non-oil revenue and ensuring prudent government expenditure. He assured that monetary and fiscal policies would focus on enhancing production and funding, with the government playing its role in driving economic growth.
In response, Committee Chairman Sen. Yahaya Abdullahi urged collaboration among economic stakeholders to address the challenges facing Nigerians, emphasizing the need for innovative and creative solutions to alleviate hardship.
