The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that the apex bank does not determine the foreign exchange rate.

The CBN boss stated this at the launch of the Nigeria Development Update in Abuja on Thursday, October 17. He said the FX rates are only determined by economic fundamentals.

In his words

“The CBN does not determine the exchange rate; it is determined by the fundamentals. The CBN will ensure that we adhere to that.”

Cardoso expressed confidence that strengthening collaboration with fiscal authorities would lead to more stability in the exchange rate.

He also highlighted efforts to increase foreign exchange inflows into the Nigerian economy.

“When we started, FX inflows were about $200 million, but through sheer determination, we now record $600 million.”