"My Job 2nd Most Difficult": CBN Governor Cardoso Speaks, Unveils Plans as Naira Nears N1,700/$ Rate

"My Job 2nd Most Difficult": CBN Governor Cardoso Speaks, Unveils Plans as Naira Nears N1,700/$ Rate

  • Governor of the Central Bank of Nigeria, Olayemi Cardoso, has referred to his job as the second most difficult globally
  • He, however, expressed optimism that the various reforms introduced under his administration will yield fruit
  • Cardoso's comments come amid the ongoing depreciation of the naira against the US dollar, with the exchange rate now edging closer to N1,700.

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described his job as the second most difficult in the world.

Cardoso, who has been at the helm of the CBN for eight months, spoke at the opening of the 2024 first plenary assembly of the Catholic Bishops Conference of Nigeria (CBCN).

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Naira to dollar exchnage rate
CBN governor reiterates commitments to find a solution for the naira Photo credit: CBN
Source: Facebook

In his speech, he also addressed the Nigerian economy's challenges and the efforts taken so far to stabilise the naira, Punch reports.

The CBN governor said:

“I will continue to remember that in spite of (my job) the second most difficult job on the face of the planet, this is really something that remains very memorable”

Cardoso, who was the chairman of the occasion, expressed optimism that despite all the difficulties, there was light at the end of the tunnel.

His words:

“As a result of some of the recent reports from the CBN, over the course of the last week, about $1.8bn came into the markets.
“As long as the country can sustain a positive trajectory, Nigeria will get out of its economic woes and the foreign exchange market will begin to moderate itself."

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Cardoso speaks on future plans

Speaking further, Cardoso said the apex bank will soon hold the Monetary Policy Committee (MPC) meeting, where critical decisions will be made to continue making the economy more investor-friendly.

Cardoso said an attempt to merge the official rate with the black market rate had been made, adding that the difference between the two is now significantly lower.

He said.

"There is a positive outlook on that. This positive outlook stems from a series of reforms that have been implemented by the federal government and the Central Bank. These reforms are now paying off, as evidenced by the return of international investors."

Naira to the dollar at unofficial markets

Despite the assurances from the CBN governor, the Nigerian currency in the unofficial market continues its free fall.

Checks by Legit.ng show that the naira against the dollar in the peer-to-peer market on Monday, February 19, 2023, is selling at N1,680.8/$1, in contrast to the N1,639.7/$1 it traded at on Sunday, February 18, 2023.

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FG addresses naira-dollar exchange rate

Legit.ng earlier reported that Ben Akabueze, the director-general of the federation's budget office, said the naira would strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, Akabueze said this would be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.

Source: Legit.ng

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