Cardoso urges stronger economic ties with Middle East
18 February 2025 |
5:26 am
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian Diaspora community in the region.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has canvassed stronger economic ties with the Middle East and the Nigerian Diaspora community in the region.
Speaking during a meeting with Talal Al-Humond, the Assistant Governor for Monetary Affairs, Saudi Arabia Central Bank (SAMA), on the sideline of the recent inaugural Conference on Emerging Markets Economies organised by the Ministry of Finance, Saudi Arabia and International Monetary Fund (IMF) Regional Office in Riyadh, Cardoso said there were lessons to be learned from Saudi Arabia in terms of infrastructural development and tourism.
According to him, Saudi Arabia’s dedication to diversifying its economy through innovative environmental projects, large-scale transformation and tourism investment is essential for development.
The CBN governor also reaffirmed his dedication to collaborating with the Nigerian Diaspora community in the Middle East to improve remittance flows and strengthen Nigeria’s financial sector. He stated that the Central Bank of Nigeria (CBN) would continue enhancing macroeconomic fundamentals to establish an enabling environment that will facilitate the growth of the private sector and the generation of high-quality jobs for Nigerians.
Responding, Al-Humond assured Cardoso that the Saudi Central Bank would work with the CBN to attain mutually beneficial objectives. During a panel discussion moderated by the Director, Middle East and Central Asia Department, IMF, Jihad Azour, at the conference, Cardoso cited reforms in the financial markets.that addressed distortions in the Nigerian foreign exchange market, which previously experienced a gap of up to 60 per cent between the official and parallel market exchange rates.
He noted that due to consistent policy direction, improved market confidence and enhanced transparency in forex trading, the gap significantly narrowed to approximately five per cent.
Cardoso also highlighted the adoption of an electronic matching system to improve transparency in the market and the introduction of a foreign exchange code of ethics, which all Nigerian banks signed, to ensure adherence to market rules. As a result of these measures, he reported that the country’s foreign reserves exceeded $40 billion, marking the highest level in nearly three years.
He acknowledged that Nigeria faced significant economic challenges, including capital flow exits, multiple exchange rate regimes, currency depreciation, high inflation and a backlog of foreign exchange transactions, which led to loss of confidence in the country’s currency.
Upon assuming office, he stated that his team prioritised restoring confidence in the market by addressing the backlog of foreign exchange transactions and demonstrating a commitment to economic stability.
Cardoso emphasised that Nigeria implemented a tight monetary policy stance to tackle inflation and restore macroeconomic discipline. Over the past year, he explained, the Bank raised interest rates by 850 basis points and shifted away from quasi-fiscal interventions that had distorted the economy.
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