The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasised the bank’s commitment to intensified surveillance of the foreign exchange (FX) market as part of deeper efforts to curb inflation and stabilise the economy.
Cardoso also reiterated the need for stronger collaboration between fiscal and monetary authorities, particularly in managing budget financing, to ensure that fiscal deficits remain within sustainable limits.
Speaking at the recent Monetary Policy Committee (MPC) meeting held in Abuja, he stated that given the importance of the exchange rate in the fight against inflation and the sustenance of economic recovery and broader financial stability, the apex bank is intent on maintaining a heightened level of surveillance in the country’s foreign exchange market.
“We are looking at rooting out any bad actors and practices that threaten the smooth functioning of the market and the stability of the exchange rate. The Central Bank has an unwavering commitment to this objective,” Cardoso stated.
The Nigerian economy has remained resilient, and GDP growth was steady at 3.46 percent in the third quarter of 2024, with both the oil and non-oil sectors contributing to this growth.
