Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso has stated that the apex bank’s monetary policy interventions aim to positively impact Nigerians amidst the increased economic hardship in the country. Cardoso made this disclosure on Friday while speaking to the Senate Committee on Banking, Insurance, and Financial Institutions.
He emphasized that the apex bank is committed to addressing the continued fluctuations in the foreign exchange market. Cardoso stressed the importance of ensuring that monetary policies have a tangible impact on ordinary Nigerians and the economy.
During the Senate committee meeting, Cardoso, along with officials of CBN and the Minister of Finance, Wale Edun, discussed the rising hardship in Nigeria. Despite recent policy interventions by CBN, the Naira dropped to N1,479.47 per US dollar on Thursday at the foreign exchange market, according to FMDQ data.
Last week, CBN issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms in response to the economic challenges.