The Central Bank of Nigeria (CBN) says its reforms have attracted over $1 billion investment into the country within the past few days.
Olayemi Cardoso, governor of the apex bank, who stated thison Friday during a presentation to the senate in Abuja, maintained that reforms initiated by the apex bank are yielding positive results in the FX market.
“We have already begun to see shifts in a positive direction. For example, the upward trend 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," he said.
“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.
The CBN governor, however, noted that the apex bank does not have the magic wand to stabilise the foreign exchange, saying “Nigerians have to reduce frequent demand for dollars for business and personal needs”.
He assured the lawmakers that the reforms have generated significant interest from foreign portfolio investors.
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