CBN Governor Urges Patience as Efforts Intensify to Bolster Naira Amid Economic Challenges

In a public lecture organized by the Nigerian Economic Society, Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, urged Nigerians to be patient as the apex bank intensifies efforts to strengthen the Naira. Speaking at the event titled ‘Recent Developments in a Nigerian Foreign Exchange Market: Issues, Options, and Way Forward,’ Dr. Cardoso acknowledged the challenges faced by the country’s currency and emphasized the CBN’s commitment to addressing them.

Dr. Usman Opanachi, representing the CBN governor, stated, “Anytime the Naira is on trial, the CBN is also on trial. We are working day and night to address the challenges, and we hope things will work out.” He highlighted the reliance on market forces in determining the Naira’s value, emphasizing the need for a sustainable approach.

Renowned economist Prof. Sam Olofin, delivering the lecture, expressed skepticism about the CBN’s ability to control foreign exchange, noting the dominance of parallel market forces. He urged a reevaluation of existing strategies, stating, “We are only applying the same old drugs on a patient without any good results.”

In other states, civil society organizations (CSOs) in Osun State protested against the prevailing hardship, emphasizing the need for government attention to the suffering of Nigerians. Meanwhile, Governor Babajide Sanwo-Olu of Lagos unveiled intervention measures, including a 25% discount on food purchases over N25,000 and the establishment of soup kitchens to feed those in need.

Governor Dapo Abiodun of Ogun State also announced plans to sell 100 truckloads of rice at reduced rates to alleviate the impact of rising prices. The poor, elderly, and vulnerable will receive free allocations as part of the state’s efforts to support its residents during challenging economic times. Is