https://en.sputniknews.africa/20240210/nigeria-raises-over-1-bln-after-measures-to-stabilize-currency-central-bank-says-1065007287.html
Nigeria Raises Over $1 Bln After Measures to Stabilize Currency, Central Bank Says
Nigeria Raises Over $1 Bln After Measures to Stabilize Currency, Central Bank Says
Sputnik Africa
After coming to power last May, Nigerian President Bola Tinubu outlined his strategy to revive the country's economy through a series of reforms, including the... 10.02.2024, Sputnik Africa
2024-02-10T10:57+0100
2024-02-10T10:57+0100
2024-02-10T11:07+0100
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Nigeria's foreign exchange market has attracted over a billion dollars after the central bank took steps to boost market liquidity and investor confidence, Nigeria's central bank governor, Olayemi Cardoso, told senators in a banking committee.According to the governor, the inflow of foreign exchange to the economy is the result of the Bank's comprehensive strategy to increase liquidity in the foreign exchange markets and a more market-oriented mechanism for determining the exchange rate.Cardoso also urged the country to moderate the demand for foreign exchange to make the measures "sustainable."Olayemi Cardoso, the former chairman of Nigeria's Citibank, was appointed governor of the Central Bank of Nigeria in late September. He succeeds Folashodun Shonubi, who served as acting governor of the central bank following the suspension and arrest of former governor Godwin Emefiele. In early June, Tinubu suspended Emefiele amid investigations into his agency and planned reforms in the country's financial sector, aimed at boosting the economic growth of the West African nation.In October, as part of efforts to revive economic growth, Nigeria's Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that the government would encourage foreign investment in the country by increasing tax incentives for foreign investors.
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Nigeria Raises Over $1 Bln After Measures to Stabilize Currency, Central Bank Says
10:57 10.02.2024 (Updated: 11:07 10.02.2024) After coming to power last May, Nigerian President Bola Tinubu outlined his strategy to revive the country's economy through a series of reforms, including the removal of costly fuel subsidies and the liberalization of the foreign exchange market.
Nigeria's foreign exchange market has attracted over a billion dollars after the central bank took steps to boost market liquidity and investor confidence, Nigeria's central bank governor, Olayemi Cardoso, told senators in a banking committee.
"They [the measures] have already started yielding early results with significant interest from Foreign Portfolio Investors that have already begun to supply the much-needed foreign exchange to the economy," he said. "For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of 1 trillion Naira which saw an oversubscription earlier this week."
According to the governor, the inflow of foreign exchange to the economy is the result of the Bank's comprehensive strategy to
increase liquidity in the foreign exchange markets and a more market-oriented mechanism for determining the exchange rate.
"The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the [local currency] naira. Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity," he explained.
Cardoso also urged the country to moderate the demand for foreign exchange to make the measures "sustainable."
Olayemi Cardoso, the former chairman of Nigeria's Citibank, was appointed governor of the Central Bank of Nigeria in late September. He succeeds Folashodun Shonubi, who served as acting governor of the central bank following the suspension and arrest of former governor Godwin Emefiele.
In early June, Tinubu suspended Emefiele amid investigations into
his agency and planned reforms in the country's financial sector, aimed at boosting the economic growth of the West African nation.
In October, as part of efforts to revive economic growth, Nigeria's Minister of Industry, Trade and Investment, Doris Uzoka-Anite, announced that the government would encourage foreign investment in the country by increasing tax incentives for foreign investors.
