The Senate has commenced screening of Dr. Olayemi Cardoso for possible confirmation as Governor of the Central Bank of Nigeria (CBN).
The Senate will also screen the four nominees for the positions of CBN Deputy Governors, who upon confirmation with Dr. Olayemi Cardoso would head the apex bank for the next five years.
Exchange Rate Stability
Dr. Olayemi Cardoso while answering questions from the Senate during his screening has stated that Nigeria needs a stable exchange rate to help the country move forward.
In his words,
- “For the sort of country we want, we do need a stable exchange rate. And quite frankly, there are short and medium-term measures.
- The medium-term measures have to do with the balance of payments over some time.
- For the immediate short-term measures, there are two very important issues that we would have to address when and if we are nominated.
- One is Operational Issues, we are aware there are unsettled obligations that need to be met. The other is system issues whereby there are open and transparent systems that everyone understands and can rely on.”
On how he would deal with compliance with regulations, Cardoso said:
- “I want to emphasize that this is all I know. My calling has been the calling of banking, dealing with institutions that have a culture of compliance.
- When I was Commissioner of Economic Planning and Budget, I had a reputation for doing things properly, and I am not about to compromise that reputation for anything.”
What You Should Know
Nairametrics reported that the exchange rate between the naira and dollar was quoted on Monday, September 26th for as high as N1,006/$1 on P2P platforms where forex is sold using cryptocurrency stablecoins.
At the official I&E Window, also known by the acronym NIFEX, the exchange rate settled at N773/$1.
