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CBN Governor urges Nigerians to cut dollar demand for economic stability

Cardoso assures that the target is to moderate inflation to 21.4% by 2024 through an inflation-targeting policy, collaboration with fiscal authorities, and initiatives to stimulate investment.

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CBN Governor urges Nigerians to cut dollar demand for economic stability

The Central Bank of Nigeria Governor, Olayemi Cardoso, emphasizes the need for Nigerians to reduce their demand for dollars and foreign goods to tackle the Forex supply-side issues, warning that failure to do so will hinder the nation’s economic stability.

Cardoso, addressing the Senate Joint Committees, outlines measures taken by the apex bank to stabilize the economy, citing recent success with an inflow of approximately $1 billion.

He highlights the importance of sustained efforts to moderate foreign exchange demands and discusses strategies, including a shift to a single rate, to address exchange rate volatility.

Cardoso assures that the target is to moderate inflation to 21.4% by 2024 through an inflation-targeting policy, collaboration with fiscal authorities, and initiatives to stimulate investment.

Top government officials, including Ministers of Finance, Wale Edun, Budget and National Planning, Senator Atiku Bagudu, Agriculture and Food Security, Senator Abubakar Kyari, also present their perspectives on the state of the economy.

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Ministers express concerns about the impact of subsidy removal and the floating of the naira on farmers, emphasizing the need for supporting measures. Senators raise questions about a $3.3 billion loan, prompting discussions on economic challenges, inflation, and the call for a ban on the use of dollars in business transactions.

Senator Orji Uzor Kalu stresses the importance of strengthening the Naira and holding those defaulting on documents accountable.

The Chairman of the Joint Committees, Senator Yahaya Abdullahi, emphasizes unity between the National Assembly and the executive arm to collectively address the nation’s economic challenges.

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