FX market received $1bn inflow in the past ‘few days’, says Cardoso

The Nigerian foreign exchange market witnessed a boost of over $1 billion in liquidity within the past few days, the governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso has disclosed.

Cardoso made this known in a statement on Friday while making a presentation on the floor of the Senate in Abuja.

According to the CBN governor, there has been an upward shift in the FX market as a result of the recent reforms initiated by the apex bank.

Cardoso assured the Senate that the reforms have generated significant interest from foreign portfolio investors.

“We have already begun to see shifts in a positive direction. Indeed, we have already begun to see positive results with significant interest from foreign portfolio investors which was a concern that has already begun to supply the much-needed foreign exchange to the economy.

READ ALSO:Cardoso reveals measures deployed by CBN to address FX crisis

For example, upward of the last few days. We have had over $1 billion that have come into the market. And this quite frankly is the answer to the question” he disclosed.

Ripples Nigeria reports that the Senate Committee on Banking, Insurance and Financial Institutions on Friday, held an interactive session with Cardoso, alongside other top officials of the apex bank.

The meeting which is sequence to an earlier summon on January 31 by the Upper Legislative chamber to the CBN Governor to appear before it, is not unconnected with current hardship and high cost of living Nigerians are currently going through.

It is also coming two days after Cardoso appeared before the House of Representatives where he was made to face a barrage of questions over the free fall of the Naira and the foreign exchange crisis.

Insiders say the Senate, worried over the situation in the country, is seeking answers and solutions from the apex bank Governor and plans to stabilise the currency and restore confidence in the economy.

By Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now