FX Market: Cardoso Gives Update, Says $1bn Came Into Market In The Last Few Days

The governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso has disclosed that the Nigerian foreign exchange market received a boost of over $1 billion in liquidity within the past few days.

Cardoso made this known in a statement on Friday while making a presentation on the floor of the Senate in Abuja.

The Matrix had earlier reported that the Senate Committee on Banking, Insurance and Financial Institutions on Friday, held an interactive session Cardoso, alongside the Economic Management Team.

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The meeting which is in sequence to an earlier summon on January 31 by the Upper Legislative chamber to the CBN Governor to appear before it, is not unconnected with current hardship and high cost of living Nigerians are currently going through.

It is also coming two days after Cardoso appeared before the House of Representatives where he was made to face a barrage of questions over the free fall of the Naira and the foreign exchange crisis.

Speaking to the Senators, Cardoso disclosed that there has been an upward shift in the FX market as a result of the recent reforms initiated by the apex bank.

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Cardoso assured the Senate that the reforms have generated significant interest from foreign portfolio investors.

“We have already begun to see shifts in a positive direction. Indeed, we have already begun to see positive results with significant interest from foreign portfolio investors which was a concern that has already begun to supply the much-needed foreign exchange to the economy.

For example, upward of the last few days. We have had over $1 billion that have come into the market. And this quite frankly is the answer to the question” he disclosed.