Nigeria’s Economic Managers have assured citizens that its efforts to regulate the Foreign Exchange is starting to yield positive results as the country has recorded a 1 billion dollar inflow in the FX market with effective implementation of monetary policies.
This is as the Central Bank of Nigeria projects that inflation will moderate to 21.4% with its inflation targeting framework by the end of the year .
Governor of the Central Bank, Olayemi Cardoso disclosed this on Friday when he led the Economic Team to appear before a joint Committee of the Senate at the National Assembly.
The Senate is on a fact finding mission as it comes face to face with Nigeria’s Economic Managers.
The major concern for the lawmakers is the progress report of efforts put in place to tackle the free fall of the value of the Naira , and when citizens will begin to feel the positive impact of Government Policies and Programmes.
Governor of the Central Bank , Olayemi Cardoso and other members of the Economic Team told lawmakers that it’s efforts are starting to show early successes.
However, in order for its monetary Policies to make significant impact , Nigerians must also play their role in curtailing the demand for Foreign Exchange.
The Lawmakers agree that the current administration should not be entirely blamed for the economic situation, it is the result of a cumulatively bad monetary decisions and policies, but urged authorities to speed up implementation of various intervention to ease the sufferings of Nigerians.
