Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), plans to deploy instant measures that will help strengthen the fragile trust of foreign investors in the Nigerian economy with the expectation that it will put the brakes on the free fall of the naira against the dollar.
The move rests on two key strategies including the belief that clearing a vast overhang of due dollar obligations could ease the prolonged pressure on the naira and free up operations of the foreign exchange, which lately has been strained by speculative demand for the dollar.
The second measure involves enforcing compliance with all rules that pertain to making the foreign exchange market open and transparent to investors, which the former Citibank Nigeria chair said he would make happen.
