The Central Bank of Nigeria has called on Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that Naira is strengthened.
Dr Usman Opanachi, Department of Monetary Policy, CBN who spoke on behalf of the Governor of the CBN, Dr Olayemi Cardoso, at the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society, emphasized the challenges faced in stabilizing the exchange rate and combating inflation.
He highlighted the CBN’s commitment to addressing these issues, acknowledging the historical struggle with excess demand for forex.
He emphasized the CBN’s adoption of a market forces approach, allowing market dynamics to play a significant role in determining the Naira’s value.
However, renowned economist Prof. Sam Olofin cautioned that controlling the foreign exchange might be challenging given the dominance of parallel market forces.
President of the Nigerian Economic Society, Prof. Adeola Adenikinju, underscored the importance of consulting economists to address economic weaknesses.
He highlighted the exchange rate’s pervasive impact on the economy, emphasizing the need for informed policy decisions.
The event, chaired by Prof. Antonia Simbine, Director General of the Nigerian Institute of Social and Economic Research, stressed the imperative for solutions to Nigeria’s economic challenges.
The Vice Chancellor of the University of Ibadan, Prof. Kayode Adebowale, represented by Prof. Olamakinde Olapegba, echoed the call for concerted efforts towards resolving these issues.