The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that Nigeria’s foreign exchange (FX) gap has significantly narrowed to 4.5 per cent from previous levels as high as 60 per cent.
According to a statement from the apex bank, Cardoso, who spoke at the inaugural conference on Emerging Markets Economies held in Al Ula, Saudi Arabia, attributed the progress to key financial reforms implemented under his leadership.
The conference, jointly organised by the Saudi Ministry of Finance and the International Monetary Fund (IMF) Regional Office, served as a platform for policymakers and economic experts to address structural changes in the global economy.
The CBN boss explained that upon assuming office, his team prioritised addressing Nigeria’s foreign exchange challenges, including a huge backlog of forex transactions, currency depreciation, and low investor confidence.
He said that by introducing an electronic matching system to enhance transparency and establishing a foreign exchange code of ethics signed by all Nigerian banks, the CBN has fostered a more efficient and credible FX market.
These reforms, he noted, have led to Nigeria’s foreign reserves surpassing $40 billion, the highest level in nearly three years, and restored market confidence.
