Our efforts have stemmed volatility in Foreign Exchange Market - Cardoso

Governor of the Central Bank of Nigeria, Yemi Cardoso, says that Africa stands at a crossroads with unprecedented Opportunities for development alongside significant challenges.

According to Cardoso, to navigate this complex landscape and set the Continent on the path of Sustainable Economic Growth, we must leverage the support of our Global Partners.

Cardoso said this on Friday at the 2024 African Caucus Meeting in Abuja.

“In the past few months, the CBN has embarked upon bold Reforms to return to the path of Monetary
Policy Orthodoxy as well as remove observed distortions in the Foreign Exchange Market.

“Our efforts have brought some significant outcomes as volatility in the Foreign Exchange Market has reduced measurably and our Inflows have also increased significantly.

”Interbank market activities have deepened while rates have begun to converge around the standing facilities ban,” he said.

He said that while challenges remained, the direction of travel was clearly positive, adding that the challenges in the Operating Environment presented significant hurdles.

“It is crucial that Monetary and Fiscal Policies provide robust responses to mitigate the Risks of rising Inflation and the lingering effects of adverse supply shocks, which have significantly impacted our Economies.

”I encourage us to share insights on our respective Country experiences, working together in the spirit of unity that defines our continent.

“As we reflect on these issues, let us commit to a deeper understanding of these challenges and collaborate effectively to address them,” he said.

The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Albert Muchanga, highlighted the importance of Domestic Resource Mobilisation.

“We must see the African Market as a viable channel for Domestic Resource Mobilisation to address the Issue of the Continent’s sustenance,” he said.

The Theme of this year’s Meeting is: “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa.

The African Caucus was established in 1963 to strengthen the Voice of African Governors in the International Monetary Fund (IMF)/World Bank Group.

Credit NAN: Texts excluding Headline