The spelt-out economic reforms of the Central Bank of Nigeria (CBN) clearly shows that its focus is on stabilising the naira and attracting investments.
Cardoso believes that the naira will stabilise soon.
What are the thing on ground to make this happen. Cardoso explained all of Nigerian’s worries.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso says more foreign investments will come into Nigeria.
He believes this will go a long way in stabilising the naira.
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Cardoso made this prediction on Monday.
He said: “The reforms of the Bola Tinubu government are encouraging investors to return to the country”.
According to the CBN governor, foreign investors have taken an interest in understanding the reforms and how the economy has progressed.
Also, Cardoso asserted that as international investors invest in Nigeria, foreign exchange volatility will reduce, resulting in the naira’s stability.
Foreign Investors Are Monitoring The Nigerian Market
“Today, I would say that we have a situation where a lot of foreign portfolio investors are very interested in coming back to the Nigerian market.
The CBN boss revealed that foreign investors are keenly studying the Nigerian market to see where they can come in.
According to him, having crude oil sales funds in the CBN boosts the confidence of foreign investors in Nigeria, which leads to a stable economy.
We Are Winning Foreign Investors Confidence
Furthermore, he highlighted that “The recent move to have NNPC and some of the other MDAs move their funding straight to the CBN also sends a very powerful signal and boosts investors’ confidence.
“It is in the right direction, as the confidence comes back and their money starts coming in, volatility begins to reduce.
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“As the volatility reduces and the foreign exchange market stabilises, the naira, which is currently undervalued, will stabilise,” the optimistic CBN governor explained.