CBN working to improve access to FX, says Cardoso

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the bank is enhancing the ease of access to foreign exchange (FX) for Nigerians. 

Cardoso spoke during a news conference on Tuesday in Abuja, while announcing the decisions of the CBN’s monetary policy committee (MPC).

“I must tell you that one of the things you can expect from us going forward is improving the whole issue of ease of access to foreign exchange for everybody,” he said.

“And for example, I give you the example that I know has positively impacted so many, and that is the whole issue of access to foreign exchange. Now when you travel, you can use your naira card.

“And this is not a joke. It works. The banks have all on the back of the positive reforms, come out and are bringing out new products and ensuring that they get to their customers.”

According to the CBN governor, the stability the country has achieved will be sustained.

Speaking further on the need to defend the stability, he said “these are the kinds of efforts that give confidence to not only people in Nigeria, but the world at large”.

Cardoso said Nigerians are very interested in foreign exchange rate, adding that they are “also very interested in reserves”.

“I’m sure you will all agree with me that that level of interest has gradually begun to win. Now we are happy to hold on to our naira. We are happy to hold on to our naira,” he said.

“The stability is here. They are not afraid that if you put this thing here and tomorrow, it has lost value.”

Cardoso noted that such conversations have gradually subsided, with people discussing them less and less — a trend he expects will continue.

On September 15, the naira appreciated to N1,497.46 per dollar at the official foreign exchange market, after appreciating steadily since the beginning of the month.