We Need To Moderate Demands For Forex, Says Cardoso
Nigerians have been urged to reduce their demand for foreign exchange by Olayemi Cardoso, the Central Bank of Nigeria (CBN).
"We need to temper our requests for foreign exchange. During a Friday appearance before the Senate Joint Committees on Finance, Banking and Other Financial Institutions, and National Planning, the governor of the Central Bank of Nigeria stated, "Where there are opportunities to substitute locally, so we should."
In submitting this request, Cardoso suggested that the federal government investigate ways to enhance the medical education system in order to discourage individuals from leaving the nation in search of better care.
"The entire amount allocated to medical and educational costs exceeds our external reserves. Our people won't need to travel abroad if we can improve healthcare and education.
The ongoing pressure on the Niara has come from Nigerians' relentless scurry for dollars to cover import and medical bills, tuition, and other expenses. Many people who have limited access to forex have found that buying on the black market is a viable option.
Speaking about the country's monetary policies to combat the persistent inflation, the governor of the CBN stated that the adoption of a single rate was a deliberate move to increase the country's investment credibility.
"We don't have to beg them; we are working very hard to restore the CBN's credibility with many of the investors who have long viewed the environment negatively," he stated.
If we are making the proper decisions, investors will show up. In order for them to arrive,
He equally noted that the apex bank had little power to intervene but would explore partnerships to ease the Forex crisis.