The central bank of Nigeria (CBN) government Yemi Cardoso has played a significant role in the appreciation of the naira against the dollar.
The drastic change in the FX rate to naira has been caused by some intervention policies of the CBN governor, Cardoso’s seven months in office have sparked reactions toward his achievements so far.
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Here are the policies put in place by the CBN governor to save the FX rate
Unified the exchange rate to remove black manier arbitrage. FX is now
cheaper at the block market
Sanitized BDCs revoked the licenses of BDCs who were set up to round trip FX. From over 5.000 BOC to ves than 1500.
NNPC remitter transfered directly to CBN coffers
Stopped direct CBN intervention
Stepped ways and means to FG
Revised the guistelines for IMTOs by allowing IMTOs to engage in willing buyer and willing seller marat
Unbanned 41 items that drive demand to the paralled mortet.
Banned the use of foreign carency denominated collateral for Naira loans
Re-adjusted Bankes Net Open position limits on foreign currency assets, which drove about Silan Into the market
Revision of Foreign cash pooling by Intemotional Of Companies
Sale of foreign exchange the eligible BDCs to meet retall demand for eligible invisible transactions
MPR hike to combat excess liquidity
Cleared FX backlog that was putting pressure on the reserve
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