TheCable

Olayemi Cardoso, Central Bank of Nigeria (CBN) governor, says the bank’s transparency has boosted portfolio investors’ confidence.

Cardoso said the clearing of foreign exchange (FX) backlogs and market distortions have also contributed.

He spoke at a press conference on May 21 during the committee’s 295th meeting in Abuja.

“We have attempted as much as possible to make the market a lot more transparent in our dealings, which portfolio investors want to see and which has given them the added confidence,” the governor said.

“And of course, we have seen that they have responded very positively to the transparency initiative and that has given a considerable amount of confidence to them.”

Cardoso said CBN’s efforts to clear distortions, which resulted in a multiplicity of several circulars “to address certain things have also helped in no small measure”.

“So, as we’ve removed that and the confidence has also come back. And of course, the issue of backlogs, of which I have said many times that the reason we had to prioritise the issue of backlog is basically to give more confidence to those who were looking to come in because if you have a backlog, they want you to clear that backlog before they come and invest,” he said.

“It really doesn’t give confidence when there is a backlog and nobody really knows where you stand on it.

“It can create unnecessary anxiety and that was why it was important that we prioritise the clearance of those backlogs.”

Collectively, he said the country has experienced a continuous and renewed interest of investors in the country.