The Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring that ongoing policies and reforms deliver price and monetary stability across the country.
Speaking in Uyo, Akwa Ibom State, on Tuesday, the CBN Governor, Olayemi Cardoso, said the bank’s recent monetary measures were already showing positive results, citing a steady easing of inflation and stability in the foreign exchange market.
Cardoso made the remarks during the CBN Fair themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”
Represented by Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department, Cardoso said the CBN remains steadfast in its mission to restore macroeconomic stability.
“Some of our monetary policies have started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market,” he stated.
He noted that the exchange rate unification policy had not only reduced volatility in the forex market but also cleared over $7 billion in verified foreign exchange forward backlogs, signalling growing confidence in the financial system.
The CBN governor reaffirmed that the institution would continue to fine-tune its policies to promote economic recovery, sustain stability, and strengthen Nigeria’s financial ecosystem.
