CBN defends Naira to Dollar Exchange, Inflation Rate, and Other Issues During Senate Meeting [Details]

In support of the apex bank, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Friday that the CBN is already taking action to control the naira to dollar exchange rate and other associated issues that are now creating immense suffering in the nation.

Cardoso claims that because the two are related, the actions already taken will not only stabilize the rates but also lessen the detrimental effects of high exchange rates on inflation.

Cardoso said as much on Friday during a lengthy discussion with the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions, according to Alabareports. He also disclosed that the CBN’s operations have caused $1 billion to enter the Nigerian market in the last few days.

There have already been some encouraging changes observed. It was concerning since, in fact, international portfolio investors were showing a great deal of interest in the CBN initiatives already that were beginning to show early results. That has already started to provide the economy with the much-needed foreign exchange.

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