TheCable

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says for the first time in a long while, Nigeria’s volume of transactions in the foreign exchange market rose to over $800 million on Monday.

Cardoso said this on Tuesday while addressing members of the house of representatives at the sectoral debate on the economy.

He said the bold reforms spanning several economic sectors are aimed at addressing challenges sustainably.

“We are happy to inform you that $844 million was the volume of transactions that were done as at the close of business yesterday,” the CBN governor said. 

“This is the first time in a very long time that we have had this volume of transactions.

“This is good news that there is sufficient, enough investors coming in, returning back to the market for people to feel comfortable do that volume of transactions.”

Cardoso cited favourable trends in recent assessments from international rating agencies such as Fitch, Moldes, Standard, and Poor’s, saying Nigeria’s rating was upgraded from stable to positive.

He said concerns about the cost of living and exchange rate persist in spite of commendations.

“This is a major topic of concern in our villages, towns, and cities,” the CBN governor said. 

“The urgency of the matter is not lost on us at the central bank and I want to assure you that we are working tirelessly with colleagues from across government including the leadership of this house to bring lasting solutions.”

He expressed confidence that positive outcomes are already emerging and will become more apparent in the near future.

Cardoso said the committed and unrelenting efforts being made will undoubtedly result in major and constructive changes for the economy.