Market News

By Faruk Shuaibu

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the apex bank will do all within its statutory functions to address identified distortions and ensure a conducive atmosphere for different categories of investors.

He gave the assurance Thursday, when a group of investors paid him a courtesy visit.

Cordoso said under his leadership, the new management team at the bank will do its best to tackle the impediments to liquidity in the foreign exchange market.

While disclosing plans to formally unveil his agenda for the monetary and financial sector in the days ahead, he stressed the importance of credibility and transparency in implementing the Bank’s monetary policy.

He said the Bank would focus on strengthening its data-gathering system to ensure that only verifiable data will be relied upon for evidence-based decisions.

According to him, the CBN would also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy.

Speaking further on liquidity management, he said his team had a short-term goal of addressing structural issues within the financial system that gave rise to the liquidity challenge in the first instance.

In their remarks, the investors, led by Mrs. Ireti Samuel-Ogbu, said they were at the CBN to discuss ways of strengthening collaboration to boost foreign investment in Nigeria.