June 28, (THEWILL) – Central Bank Governor, Olayemi Cardoso, has declared an end to the recent panic over the naira’s devaluation, attributing the stabilisation to restored liquidity in the market.
Speaking during an interview with Bloomberg, Cardoso said the foreign exchange market has seen a significant return of inflows due to improved liquidity.
He disclosed that Nigeria’s total foreign exchange (FX) inflow reached $24 billion in the first quarter of 2024.
“We feel that a number of things have happened, one of which is the fact that more confidence has come back into the market.
“In the past two or three weeks, after a period of volatility, we’ve seen a lot of stability within the market. There’s hardly been any movement in the currency. The rates have merged in the past few.
“A lot of inflows have come back. And potential players within the market, both on the buy and the sell side, are more confident in the future.
“We don’t believe that we’ve gotten to the position we want to stay at. This is a continuous work in progress. And we will do everything possible to ensure that we continue to manage the fundamentals that affect the market in such a way that it will continue to improve”, he said.
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