Business
Cardoso informed Senate that the FX market received over $1 billion from investors recently.
Cardoso addresses the senate, informing them that in recent days, the FX market has experienced an inflow of more than $1 billion from investors.
Cardoso addressed lawmakers at the senate in Abuja during a presentation on Friday.
“We have already begun to see shifts in a positive direction,” Cardoso said.
“Indeed, we have already begun to see positive results with significant interest from foreign portfolio investors which was a concern that has already begun to supply the much-needed foreign exchange to the economy.
READ ALSO: CBN Directs Banks to Sell Excess Dollars by February 1 to Stabilize Exchange Rate
“For example, the upward trend of the last few days. We have had over $1 billion that have come into the market. And this, quite frankly, is the answer to the question.”
Cardoso further said the apex bank does not have the magic wand to stabilise the foreign exchange, saying “Nigerians have to reduce frequent demand for dollars for business and personal needs”.
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