According to the head of the CBN, the changes will make the system transparent and conducive to easy access to foreign exchange for individuals in need of it. The new measures implemented by the central bank, according to the governor of the Central Bank of Nigeria, are intended to guarantee transparency in the foreign exchange market in Nigeria.
According to him, the ultimate objective of the policies is to guarantee that Nigerians in need of foreign cash can obtain it without the requirement for any personal connection to the Central Bank or any commercial bank.
In his pre-recorded interview with Arise TV, which aired on Monday, February 5, 2024, Cardoso made this statement.
Speaking about the CBN’s initiatives in the previous month, Cardoso claimed that the CBN’s leadership had developed policies.
Cardoso stated, “We have examined this over the past few months and developed some policies that are aimed at fostering an atmosphere where liquidity returns to the market and where we can observe a more lively market than we had previously.”
The ultimate objective of the CBN reforms, according to Cardoso, is to establish a transparent system and an atmosphere in which anyone in need of foreign currency can readily obtain it without having to know anyone at any bank.
“In the end, I envision a scenario where individuals in need of foreign exchange don’t need to know anyone in the commercial or central banks,” he stated.
“Distortions disappear in an environment where there is openness and transparency.” Additionally, the market gets more active and the price eventually finds a level that makes sense for individuals who wish to demand or bring in foreign exchange on an open basis, willing buyer, willing seller basis.
The governor of the CBN added that some policies of the top bank have piqued the attention of foreign investors who have left the nation to think about making a comeback to the Nigerian market.