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FX Market Hits $1bn Inflow Says CBN Chief

FX Market Hits $1bn Inflow Says CBN Chief

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced on Friday that the foreign exchange market has received a boost of over $1 billion in liquidity in recent days.

Speaking during an interactive section with the Senate’s Committee on Banking, Insurance and Other Financial Institutions, he told lawmakers that the foreign exchange market saw over $1 billion in liquidity within the past few days through the CBN interventions.

GalaxyTv reports that the Senators are asking the CBN to give explanations on the state of the economy and the sharp decline of the naira in the foreign exchange market.

Sen. Sani Musa-Niger State, Sen. Orji Uzor Kalu-Abia State and Sen. Adetokunbo Abiru-Lagos State, sound 1 back to back

While responding to the myriad of economic challenges the country is currently facing, CBN Chief explained that the over $1 billion that has come into the market has answered the question of if the federal government policies are working.

This he said with the numbers available, he can say that the market has been responding to the policies they have put in place.

Yemi Cardoso-Governor of the Central Bank

The CBN Governor also assured that inflation is expected to decline this year using the inflation targeting framework and moderating to 21.1 percent.

Cardoso said the volume of trade in the foreign exchange market in the past few days has exceeded what the bank has seen in years, which signals growing investors’ confidence.

Yemi Cardoso-Governor of the Central Bank

The Nigerian Senate, worried over the situation in the country, is seeking quick solutions from the apex bank Governor and plans to stabilise the currency and restore confidence in the economy.

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