By Niyi Jacobs
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the bank’s commitment to transparency and stability in the foreign exchange market. Speaking at the Harvard Club of Nigeria, Cardoso emphasized the importance of trust in central banking and the CBN’s efforts to enhance transparency and oversight of foreign exchange transactions.
According to Cardoso, the CBN has made significant progress in restoring credibility, building trust, and containing inflation. He cited recent declines in inflation and the stability returning to the currency markets as evidence of the CBN’s success.
However, Cardoso also acknowledged that challenges remain, and that the CBN is committed to continuing its efforts to ensure economic stability. He emphasized the importance of effective communication and transparency in building trust and ensuring economic stability.
The CBN Governor also highlighted the implementation of the Electronic Foreign Exchange Matching System (EFEMS) as a key step towards achieving this goal. He noted that the EFEMS has enhanced transparency and oversight of foreign exchange transactions, and has helped to reduce speculation and stabilize the currency markets.
Cardoso’s speech was seen as a reassurance to the public and the business community that the CBN is committed to maintaining transparency and stability in the foreign exchange market.
