The Central Bank of Nigeria has urged Nigerians to remain patient as it strives to strengthen the Naira. Speaking at the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society at the CBN Centre of Excellence Hall, University of Ibadan, Dr Usman Opanachi, representing the Governor, Dr Olayemi Cardoso, reassured the public of the CBN’s efforts. He emphasized the challenges faced by the Naira, acknowledging the high exchange rate and inflation rates.
Dr Opanachi highlighted the CBN’s approach to addressing these challenges, emphasizing the importance of market forces in determining the Naira’s value. He explained that the CBN does not produce dollars but rather focuses on managing the Naira’s value through its policies.
However, Prof Sam Olofin, a renowned economist, expressed skepticism about the CBN’s ability to control the foreign exchange market, noting the dominance of parallel market forces. He emphasized the need for a more effective approach, suggesting that current strategies are ineffective.
In his welcome address, Prof Adeola Adenikinju, President of the Nigerian Economic Society, emphasized the importance of consulting economists on economic issues. He highlighted the impact of the exchange rate on the economy, especially on inflation rates.
The event’s Chairman, Prof Antonia Simbine, emphasized the need for practical solutions to Nigeria’s economic challenges. The Vice Chancellor of the University of Ibadan, Prof Kayode Adebowale, echoed this sentiment, emphasizing the importance of finding solutions to the country’s economic woes.
Vanguard News