Olayemi Cardoso, the new Central Bank of Nigeria (CBN) governor, has unveiled his plans towards addressing Naira free fall at foreign exchange markets.
Responding to a series of questions asked by members of the Senate before his confirmation, Cardoso said he would implement short-term and medium plans to achieve a stable exchange rate for Naira.
One of his efforts will be to clear the foreign exchange (FX) backlog regardless of the amount.
He added that his team will employ operational and system-related measures to address the foreign exchange issues.
His words: “The exchange rate level is very worrisome. For a country we all dream of we need to have an exchange rate that is stable.
“A stable exchange rate is possible. We will implement short-term and medium-term measures. to achieve this. The medium-term measures have do with the balance of payment which include having more control of our resources(Foreign earnings from oil )and ensure it is diversified.”
He further stressed the need to clear backlogs of forex obligations on the table of the CBN, especially from foreign companies looking to repatriate their revenues. “We are aware of pending obligations, and our immediate priority is to verify their authenticity and promptly address them.
