Governor Yemi Cardoso of the Central Bank of Nigeria has revealed that the foreign exchange market has experienced a surge of over $1 billion in liquidity within the past few days.
Cardoso made this announcement during a statement on Friday while presenting to the Senate in Abuja.
The CBN governor attributed this increase in liquidity to recent reforms initiated by the apex bank, which have resulted in an upward shift in the FX market.
He assured the Senate that these reforms have attracted significant interest from foreign portfolio investors, leading to the influx of much-needed foreign exchange into the economy.
“We have already begun to see shifts in a positive direction. Indeed, we have already begun to see positive results with significant interest from foreign portfolio investors which was a concern that has already begun to supply the much-needed foreign exchange to the economy. For example, upward of the last few days. We have had over $1 billion that have come into the market. And this quite frankly is the answer to the question,” Cardoso stated.