The Governor of the Central Bank of Nigeria, Olayemi
Cardoso, has explained that the country’s currency, the naira, is a stable,
reliable, and more competitive payment system for trade across the West Africa
region.
He disclosed this in a press conference on Tuesday after the
Monetary Policy Committee’s 300th meeting in Abuja.
According to him, the apex bank’s reforms in the last 18
months have fueled and sustained naira stability, which stood at N1,598.68 per
dollar at the official foreign exchange market as of Tuesday.
Cardoso urged that the naira’s competitiveness in
transnational trade would continue to encourage exports.
“Our currency is now more competitive, and with a safe and
reliable payments system, trade across the region can flourish without the
usual risks.
“This should encourage more exports if we continue in the
trajectory. I am very optimistic,” he stated.
He added that, “Given the relative stability in the foreign
exchange market, members urge the bank to sustain the implementation of the
ongoing reforms to further boost the economy.”
Recall that the MPC decided to retain the country’s interest
rate at 27.50 percent amid inflation decline.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com