Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has the excessive volatility of the naira may be a thing of the past.
This is even as he said the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.
Cardoso, who spoke in an interview with Bloomberg TV also said the financial regulator will continue to work hard, adding that it is a work in progress.
“I do believe that we have more or less seen the worst in terms of volatility.
“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools,” Cardoso said
The CBN governor further said reviving confidence in the naira is crucial for Nigeria to lure investors.
“We’re relatively pleased with where we are,” Cardoso added.
He also said the central bank needs to do more, adding that “it’s continuous work in progress”.
“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.
Cardoso said data will determine the stance of the MPC on inflation movement.
“Data will direct whether they see further hikes or not,” he said.
“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”
He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.
