Market News

SNM backs CBN Governor Cardoso, urges patience on stabilisation of naira value - THE GUARDIAN

NOVEMBER 21, 2023

By Adamu Abuh, Abuja

SNM led by Rev Solomon Semaka at a press conference in Abuja called on Nigerians to be patient with the team out together by the CBN Governor to right the wrongs of the past in line with the renewed hope agenda of President Bola Ahmed Tinubu led administration.

The rights group expressed confidence that with the removal of forex restrictions on multiple consumer goods, the economy will rebound with the attendant improvement on the standard of living of Nigerians.

SNM pointed at the stability of the naira against the dollar in recent times to buttress its position.

“These are no mean feats and all the new CBN team needs right now is our cooperation,” the group noted.

“Yemi Cardoso and his team have done so well. They have cleared the mess we found ourselves especially including abolishing his anti-people naira redesign policy. We will continue to partner, mobilize and support every laudable of the CBN if it will serve the interest of the people.

Continuing, the group noted: “Governor Yemi Michael Cardoso has demonstrated an earnest readiness to work for Nigerians in line with the Renewed Hope Agenda of Mr. President in reforming the Apex bank and restoring the confidence of Nigerians in the banking sector generally.

“Contrary to often politicised policies of his predecessors, Mr. Yemi has sauntered into office with a clear mission and vision to sanitise and eradicate all forms of unprofessionalism not just in the apex bank but across all commercial banks it regulates.

” Just few days ago, errant commercial banks were sanctioned for contravening various regulations with heavy fines to serve as deterrent to others. A brave and courageous sheriff is in town and there must be order!

“Under Yemi Cardoso’s reign, several policies have been introduced to stabilise the naira with obvious changes as the Nigerian naira is now appreciating rapidly against foreign currencies especially the dollar. With investor confidence restored and speculative demands for the dollar addressed, the fluctuations in the parallel market are now a thing of the past.

“There’s fairly enough liquidity now both at the official and parallel market and that has helped to stabilise the naira greatly. Another giant stride of the Cardoso led CBN is the unification of all segments of the foreign exchange (FX) market, signalling the end of its control of the forex market. Since the decision — which was in compliance with the federal government’s directive — the exchange rate of the local currency has been determined by market forces.

“Similarly, new foreign exchange rules — including a crackdown on illegal currency trading which is intended help the naira closing its more-than-45% gap with the unofficial rate and reaching a “fair price” by year-end has been achieved, courtesy of the new CBN team.

“The CBN has cleared a backlog of dollar demand estimated at about $6.7 billion which has bolstered the naira forward market with a set transparent rules for the operations of the official market. Cardoso deserves commendations for his efforts and civil society organisations are deeply appreciative of his foresight and professionalism.”


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