*Says Our Policies Are Working, $1bn Came Into The Market In Past Few Days
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The Central Bank of Nigeria, (CBN), Olayemi Cardoso has implored Nigerians to cut down on their demand for forex.
“We must moderate our demands for forex. Where there are opportunities to substitute locally, so we should.” the CBN governor said during an appearance before the Senate Joint Committees on Finance, Banking and Other Financial Institutions and National Planning on Friday.
While making this request, Cardoso advised the Federal government to look into improving the educational medical sectors as a means of dissuading people from travelling outside the country to get better services
”The total quantum for education and medical is more than our external reserves. If we can up our game on education, and medicals, there won’t be the need for our people to go abroad.”
The continual scramble for the dollar by Nigerians to pay tuition fees as well as medical and import bills has continued to pile pressure on the Niara. With limited access to forex, many have turned to the black market as a viable option,
Speaking on monetary policies to tackle the ongoing inflation in the country, the CBN governor, insisted the switch to a single rate was an intentional model to help improve investment credibility in the country
”We are working very hard to bring back credibility to the CBN and many of the investors who over the years have considered the environment inimical, we don’t have to beg them,” he said
”If we are doing the right thing, investors will come. For them to come, they have to believe that you will do the right things. I also want to say that in establishing credibility, there are certain things that we need to do.”
He equally noted that the apex bank had little power to intervene but would explore partnerships to ease the Forex crisis
He also said that the measures taken so far by the apex bank to stabilize foreign exchange rates have started yielding positive results.
He noted that these measures would help to stabilise the foreign exchange rates and minimize the distortion that high exchange has on inflation, as they are closely related.
“We have already begun to see shifts in the positive direction. Indeed they (CBN measures) have already started yielding early 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.
“For example, upward of the past few days, we have had over $1 billion that has come into the market, and this quite frankly has answered the question of if our policies are working,” Cardoso said.
The CBN Chief said with the numbers available, he can say that the market has been responding to the policies they have put in place.
He added that measures aimed at improving US dollar supply into the Nigerian economy have significant potential in taming the volatility of the exchange rate and in turn moderating inflation.
He, however, said that for these measures to be sustainable, Nigeria must as a country moderate our demands for foreign exchange.
While the CBN according to him is working hard to restore credibility to the central bank, he maintained that the genuine issue impacting the exchange rate is the demand for US dollars for business and personal needs.
The CBN Governor also assured that inflation is expected to decline this year using the inflation targeting framework and moderating to 21.1 percent.
The committee had on January 31 summoned the Central Bank Governor to appear before it.
The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market.
The Senators are asking the CBN to give explanations on the myriad of economic challenges the country is currently facing.
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