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Our policies have attracted $1bn in FX market in last few days – Cardoso

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Depleted foreign reserves used to settle obligations, not to defend naira - CBN gov

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the reforms embarked upon by the Bola Tinubu administration has begun to achieve results, and had attracted over $1 billion investment into the country within the past few days.

Cardoso who spoke on 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.

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“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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