National Telescope national telescope newspaper
The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso has called on Nigerians to shun their reliance on foreign products to complement the bank’s efforts for economic recovery.
He also advised Nigerians to moderate their demand for foreign exchange to sustainable levels.
Cardoso who stated this while briefing joint committees of the Nigerian Senate on Friday, expressed concern about the increased trade volume in the Nigerian foreign exchange market, reaching single-day trade levels of over $800 million.
He stated that inflationary pressures are expected to decline in 2024 to 21.4% in the medium term, aided by improved agricultural productivity and easing global supply chain pressures.
He said, “Every Nigerian has a responsibility to help curb our reliance on foreign products and services. Every contribution, no matter how small, counts.
“We’ve utilised various strategies to manage rate volatility and are confident that stability will return sooner rather than later.
“The Bank’s measures, aimed at stabilising the exchange rate, have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs).”
