The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for an urgent increase in oil production and a broader economic diversification strategy to stabilise the country’s volatile exchange rate.
He made this call on Tuesday while addressing journalists at the end of a two-day Monetary Policy Committee (MPC) meeting held in Abuja.
The bank chief emphasised that while efforts to boost foreign exchange inflows through various initiatives, including liberalising diaspora remittances, have shown promise, these measures cannot substitute for addressing the fundamental structural issues in the Nigerian economy.
