Olayemi Cardoso, governor of the Central Bank of Nigeria , says the apex bank’s decision to implement the electronic foreign exchange matching system shows the financial regulator is serious about fair and efficient markets.On October 3, the apex bankSpeaking during the event, Cardoso reiterated that the CBN’s move was to enhance transparency and provide more accurate oversight of FX transactions.“Trust is the currency of central banking.
“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation,” he said.Speaking on his journey as the apex bank governor, Cardoso said when he assumed office, he understood that the credibility of the CBN had to be the bedrock of the actions taken by him and his team.“Without credibility, no policy, however well-intentioned, can succeed.
He added that speculative trading had been reduced, and stability was gradually returning to the currency markets.Cardoso said curbing inflation remained CBN’s core mission, acknowledging that the apex bank was yet to meet its target.However, he said recent declines reported by the National Bureau of Statistics in July and August 2024 showed that the CBN was moving in the right direction.