Reduce Your Appetite For Dollar, Foreign Goods — CBN Governor
CBN Governor Cardoso orders Nigerians to moderate their demand for dollar and foreign goods
To stop the Naira's free fall, Nigerians have been urged by Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), to reduce their demand for dollars and their consumption of exported goods.
The governor stated at a Friday, February 9 event in Abuja that the CBN lacks the power to stabilize the Naira without moderation of demands on USD.
In his words, “The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira. Factors contributing to this situation include speculative forex demand, inadequate forex supply increased capital outflows, and excess liquidity.
“Our measures aimed at improving USD supply into the Nigerian economy, has significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must as a country, moderate our demand for FX.
“It is also clear that the task of stabilizing the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the Bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.”
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