Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described the decline in the value of the naira as an opportunity for the country to boost its exports to other countries.
He made the remark at the Nigerian Economic Summit in Abuja.
According to him, the naira’s devaluation has made it more competitive for export trade, with many investors already seizing the opportunity.
While pointing out that the situation is not ideal, Cardoso said the current climate offers a chance for individuals to identify and pursue investment opportunities.
“In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low. But that also is an opportunity because what that means is that it can help to boost your exports.
“This will make Nigeria to become a lot more competitive in the export trade. I just want to encourage people to say that the opportunities are here. Things are recalibrating in a particular direction. It’s not perfect, but definitely there opportunities for people to single out and invest.
“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where the demands of your goods are much more. And I see it happening. Others are doing it and the interest is growing in leaps and bounds,” Cardoso said.
He pointed out that the policies of the CBN are on the right track, adding that apart from World Bank, other financial institutions as well as rating agencies have commended the apex bank’s effort in transforming the economy.
Cardoso therefore stated that the bank needs to stay on course to fully reap the benefits of the policies set in motion.