To transform the Nigerian economy and improve the constantly declining value of the naira, the Central Bank Governor is planning to partner with major stakeholders.

Most of the world nations thriving economically learnt one thing or two from other countries which they adapted to their economy.

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So, Nigeria will do well to learn and adapt new ideas that can move the economy forward.

CBN Warns Banks Against FX Hoarding
CBN Warns Banks Against FX Hoarding

The Nigerian economy has suffered serious setbacks due to corruption, inflation, a high rising exchange rate, and devalued naira among other things.

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Let us not forget that naira scarcity and unnecessary borrowings from international financial agencies also contributed to this problem.

However, Nigerians keep looking to the Central Bank of Nigeria (CBN), for a miracle that will lead to a rise in the nation’s economic trajectory.

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Have You Read: Breaking: Cardoso Addresses Relocation Of 1,500 CBN Staff

The Governor of the CBN, Olayemi Cardoso, speaking in an interview on national television explained that because no one was an island of knowledge, the CBN was also hunting for partners.

These partners will come from Development Finance Institutions (DFI’s) with proven and tested solutions to the Nigerian problem.

Aggressive Focus On FX Market

Cardoso’s effort as the CBN governor is geared towards stabilising the naira, which recently saw a 38% depreciation.

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This bold move to align the currency’s value closer to its street value is a clear signal of Nigeria’s commitment to unifying the official and unofficial foreign exchange rates.

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There is a belief that this strategy will boost investment inflows into Nigeria and bring stability in the FX Market.

Meanwhile, the proactive stance of the CBN in addressing the backlog of foreign-exchange contracts, estimated at around $2.2 billion, is commendable.

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