ENUGU, Nigeria (VOICE OF NAIJA)- The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has advised Nigerians to reduce their reliance on the dollar and foreign goods to help stabilize the economy.
In a session with the Senate Joint Committees on Finance, Banking, and Other Financial Institutions, and National Planning, Cardoso said that the importance of addressing both the demand and supply sides of foreign exchange to stabilize the Naira.
Cardoso highlighted the CBN’s target to moderate inflation to 21.4 per cent and discussed measures to achieve price stability, stimulate investment, and create job opportunities through collaboration with fiscal authorities.
He underscored the need for sustainable efforts to moderate demand for foreign exchange, encouraging local substitution where possible to reduce reliance on imports.
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Additionally, Cardoso outlined the comprehensive strategy initiated by the CBN to enhance liquidity in the foreign exchange markets, including measures to boost foreign exchange inflows and stabilize exchange rates.
The session also featured presentations from government officials, including the Ministers of Finance, Budget and National Planning, and Agriculture and Food Security, who discussed the impact of subsidy removal and exchange rate policies on sectors like farming.
Senator Orji Uzor Kalu emphasized the need to reduce dollar usage in Nigeria, calling for measures to strengthen the Naira and address defaults on foreign exchange transactions.
In response, the Chairman of the Joint Committees, Senator Yahaya Abdullahi, called for collaborative efforts to provide solutions to the economic challenges facing the country.
The discussions reflected a collective effort to address economic issues and foster stability and growth in Nigeria.