In a decisive move to stabilize the Nigerian naira, the Presidency has expressed its full support for the Central Bank of Nigeria (CBN), led by Yemi Cardoso, in its ongoing efforts to cleanse the nation’s foreign exchange market of harmful practices and manipulative actors. This endorsement aligns with President Bola Tinubu’s comprehensive strategy to safeguard the economy and ensure the integrity of Nigeria’s financial systems.
The Presidency has vowed to intensify its crackdown on racketeers, signaling a commitment to a stronger naira and the expectation of reduced prices for essential goods. The Economic and Financial Crimes Commission (EFCC) has mobilized a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers, reflecting the government’s determination to combat economic malpractices that undermine the currency’s value.
The CBN’s governor, Olayemi Cardoso, recently highlighted the significant financial outflow from Nigeria, amounting to $98 billion over ten years, spent on foreign education, healthcare, and personal travels. This expenditure has had a profound impact on the naira, prompting the central bank to adopt a multi-pronged approach to enhance liquidity in the forex market and stabilize the exchange rate.
As part of these measures, the CBN has unified FX market segments, cleared outstanding FX obligations, introduced new operational mechanisms for Bureau De Change operators, enforced commercial banks’ Net Open Position limit, and adjusted the remunerable Standing Deposit Facility cap.
The Presidency’s backing of the CBN’s actions and the EFCC’s rigorous enforcement efforts are expected to yield positive results, leading to a more robust and resilient Nigerian economy.
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