CBN Gov Cardoso explains what will sustain naira’s appreciation

CBN Governor Cardoso explains position on Binance

Gov Cardoso explains what will sustain 's appreciation


The governor of the Central of , , says continued liquidity in the will sustain naira's appreciation.

Cardoso disclosed this on Wednesday during the ongoing International Monetary Fund/World Bank Spring Meetings held in Washington, D.C., .

He explained that Nigeria's has sufficient liquidity, between $600 million and $1 billion.

Cardoso noted that the apex bank would continue encouraging a willing-buyer and willing-seller price discovery system in the country's FX market.

According to him: “What we are encouraging is for the market to be a willing-buyer and willing-seller price discovery system, and ultimately, I perceive a future where the Central Bank would not intervene except in very unusual circumstances.

“What is important to us is sufficient liquidity in the market. We recorded trading of $1 billion; sometimes, it is $600 million or $700 million, as the case may be and will continue. So, as long as we have a vibrant currency market, why must we intervene? There has been little amount given to the Bureau de Change to get that segment going, and a small amount of money has gone into that to catalyse it because individuals must have access to funds for fees, health, and the rest.”

Cardoso said a $600 million inflow came into the country's foreign exchange reserves earlier.

DAILY POST recalls that the naira recorded a significant N75 gain against the at the foreign exchange market on Wednesday.

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