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The Stability of the Naira-Dollar Exchange Rate Assured by CBN

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Assurances of stability in the naira-dollar exchange rate have been given by the Central Bank of Nigeria, CBN.

Olayemi Cardoso, the CBN Governor, made this statement during an interface with the Senate Joint Committee on Banking and Insurance in Abuja on Friday.

He emphasized the use of various tools to ensure the stability of the exchange rate and expressed confidence in the imminent stabilization through these measures.

Cardoso stressed the collective responsibility in managing demand and supply to achieve sustainable levels.

Furthermore, he conveyed that the CBN does not have a quick-fix solution for stabilizing the foreign exchange and urged Nigerians to minimize their frequent demand for dollars for personal use.

On reducing the demand for dollars, he pointed out the need for the country to focus on improving its education and health institutions, thereby decreasing the reliance on foreign currency.

Cardoso also highlighted the efforts made by the CBN to dilute the crisis of confidence surrounding the bank and mentioned the increased confidence in Nigeria’s economy, resulting in a rise in foreign exchange market trading volumes in recent days.

He concluded by emphasizing that the increased trading volume signifies a return of confidence in the country’s economy.

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