Governor of the Central Bank of Nigeria, Olayemi Cardoso has presented the 2024 statutory briefing to the Senate Committee on Banking, Insurance and Other Financial Institutions, stating that the CBN has achieved increased transparency and improved overall supply in the forex market.
During the briefing on Thursday, Cardoso reiterated determination to improve cash availability to bank customers at official outlets. He expressed optimism about a positive economic outlook in the first half of 2025.
The CBN Governor said the gradual stabilisation of the forex market, ongoing banking sector recapitalisation and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.
“The Central Bank will closely monitor economic developments and adjust policies as required to ensure price and exchange rate stability and sustainable economic growth.” Cardoso said.
The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru commended the CBN for its efforts in ensuring stability in the foreign exchange market, enhancing liquidity and reducing market distortions.