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CBN gives assurance of stability in exchange rate

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The stability of the naira-dollar exchange rate has been assured by the Central Bank of Nigeria (CBN). This was communicated by CBN Governor Olayemi Cardoso during an engagement with the Senate Joint Committee on Banking and Insurance in Abuja. Various measures are being implemented to ensure exchange rate stability. Cardoso emphasized the need for all stakeholders to play a role in moderating demand and supply, highlighting the responsibility to reduce frequent demand for dollars for personal use. He also stressed the importance of looking inward to improve education and health institutions in order to reduce the demand for dollars. Additionally, he mentioned that the CBN has worked to dilute the crisis of confidence concerning the bank, leading to increased confidence in the Nigerian economy among international investors. This has resulted in a notable increase in foreign exchange market trading volume, indicating a return to confidence in the economy.

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