Apex bank says Nigeria recorded $600m inflow in two days, no planned intervention in Forex market

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, yesterday, Wednesday, 17 April reiterated the apex bank’s stance of not intervening in the foreign exchange (FX) market. He insisted the regulator remains firm in its commitment to fostering a market-driven exchange rate system. The CBN Governor said this during an interactive session at the ongoing hybrid IMF/World Bank Spring meetings in Washington with the theme: “The Governor Talks,” on a topic titled: “Nigeria: Catalyzing Change: Reforming Monetary Policy in Nigeria” Cardoso, pointed out that liquidity was returning to the FX market, signalling growing confidence and activity in the Nigerian economy. Regarding fluctuations in the country’s external reserves which had been a source of concern to some analysts in recent times, the CBN governor noted that it was a typical occurrence, pointing out that Nigeria, like other nations, fulfils its obligations to creditors, which was expected to have effects on its reserves. Cardoso pointed out that the country received an inflow of $600 million over the past two days, which he stressed was indicative of a positive trend. Hence, there was no need for concern.