CBN Governor Calls for Nigerian Caution in Dollar Use, Outlines Strategies for Exchange Rate Stability

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has urged Nigerians to curb their reliance on the US Dollar and foreign goods to restore the Naira’s value. Cardoso highlighted the challenges in the foreign exchange market, emphasizing the need for moderation in USD demands.

Despite recent measures yielding positive results with a $1 billion influx, he stressed the importance of sustained efforts to stabilize the exchange rate. Cardoso assured the Joint Senate Committees that the CBN’s strategies would reduce inflation to 21.4% in 2024.

Lawmakers raised concerns about a $3.3 billion Naira rescue loan’s delayed impact. Senator Tokunbo Abiru emphasized the necessity for synergy between Monetary and Fiscal Policies, urging the CBN governor to provide audited accounts and the 2024 budget.