CARDOSO: OUR POLICES ARE WORKING

The Governor of the Central Bank, Yemi Cardoso says the measures taken so far by the apex bank to stabilize foreign exchange rates have started yielding positive results.

He noted that these measures would help to stabilise the foreign exchange rates and minimize the distortion that high exchange has on inflation, as they are closely related.

Cardoso, who disclosed this during a briefing of the Joint Senate Committee on Finance, Banking, Insurance and Financial Institutions on Friday, said that $1bn has come into the Nigerian market in the past few days through the CBN interventions.

“For example, upward of the past few days, we have had over $1 billion that has come into the market, and this quite frankly has answered the question of if our policies are working,” Cardoso said.