The Central Bank Of Nigeria(CBN), has promised that in 2024, it will work towards real price discovery in the foreign exchange market.
Governor of the Central Bank, Mr. Yemi Cardoso, stated this while delivering the keynote address at the Nigeria Economic Group outlook for 2024 via video conference.
According to Cardoso, the apex bank will execute inflation-taming policies through monetary policy instruments and collaboration with the fiscal side of the economy which is the Ministry of Finance.
“We believe that the naira is currently undervalued, And coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. This coordinated approach will contribute to a more balanced and stable exchange rate,” he said.
Also, he promised to shrine discipline in the forex market and promptly address any infractions and abuse
On increasing the FX reserves, Mr Cardoso stated that the bank’s partnership with the Ministry of Finance and NNPCL ensures all foreign exchange inflow is returned to the bank as it will result in the accretion of the country’s foreign reserve.
