Global Central Banks have agreed to begin cutting interest rates in the second half of this year. While that is in the offing, governor of the Central Bank of Nigeria, Olayemi Cardoso has vowed to ensure that Nigeria has a market that operates on its own and doesn’t need defending.
Muplang Dakok reports that the CBN governor who spoke on “Catalyzing Change: Reforming Monetary Policy in Nigeria” at the IMF and World Bank meetings in Washington DC, also assured participants that not having foreign exchange liquidity will soon become a thing of the past in Nigeria, as the apex bank will ensure sufficient liquidity in the forex market.
On the issue of inflation, the governor says as global inflation falls, monetary and fiscal sides in Nigeria are collaborating to tame inflation.
Olayemi Cardoso attributed the shift in Nigeria’s foreign reserve position to debt obligations; says it is not the intention of the Bank to defend the Naira but rather to encourage the practice of willing buyer, willing seller and price discovery
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