Cardoso Says Remittances To Double As Naira Firms To N1,548/$1

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the remittances of the country is expected to double as the current value of the naira makes it competitive to attract foreign investments into the country.

With the value of the naira closing at N1,548.5 to the dollar at the CBN window, the governor notes that the reforms and policies of the apex bank aimed at stabilizing the value of the naira are beginning to yield fruits.

The naira which depreciated by N5 at the parallel market to close Thursday’s trading activities at N1,665 had appreciated on the CBN window. Cardoso, speaking on Thursday noted that while the adjustment of the naira has had a negative impact on the country due to its import dependency, said it had also presented opportunities.

“I see a lot of foreign investors coming in to take advantage of it. At this stage, our currency is a lot more competitive and the implications for exports and productive activity is significant” he stated, adding that he expects diaspora remittances to double this year following the market reforms.

He noted that the reforms had been able to reduce the disparity between the bureau de change (BDC) and official rates whilst fostering stability in the forex market. Expressing optimistic prospects for the currency, he said the apex bank will continue to “strengthen our mechanisms to constantly be on the watch out for market participants and to ensure that all those who are in that market are subjected to the best practices and those who fail to conform would be appropriately dealt with.”

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He pointed out that the recent initiatives and products such as the non-resident BVN and accounts were in response to the discourse between the apex bank and Nigerians in diaspora, Cardoso said “I am very confident that we are going to see a very positive outcome.
We are already seeing and the impact is already starting to show.

“My discussions with the diaspora shows that everybody is very committed to doubling the levels that we are in. So, there are good things ahead on the foreign exchange side. Our efforts have resulted in a significant milestone in 2024 with over $6 billion in foreign capital inflow into Nigeria, external reserves exceeding $40 billion signaling growing investor confidence.