The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has assured that recent move to relocate revenue of Nigeria National Petroleum Corporation Limited (NNPCL) and select MDAs to the CBN has boosted investor confidence in Nigeria’s economy.
Olayemi Cardoso gave this assurance during an exclusive interview with Arise TV, Monday 5th of February 2024.
According to the Apex bank governor, having crude oil sales funds in the central bank gradually fosters confidence of foreign investors in Nigeria, which in the long run lead to a stable economy.
In his words, “the recent move to relocate the funding of NNPC and some MDAs to the central bank boosts investors confidence in the Nigerian economy.
“It is in the right direction, as the confidence comes back, volatility begins to reduce. As the volatility reduces and the Forex market stabilises, Naira value which is currently undervalued will stabilise,” Cardoso stated
Cardoso also assured that the time to panic over the economy is over, noting that the current reforms by the CBN are validated by international monetary organisations and is improving the ratings of the Nigerian economy.
He stated, “The time to panic is not now. That time is past. We are on the road now where the right decisions are being taken.
“These decisions are being validated by international organisations and they see that our ratings are improving. Nigerian is on the mend.”
Recall that moves to move the revenue of the NNPC, particularly revenue from sales of crude oil, has generated debates between the incumbent government and opposition parties.
The former Vice President, Atiku Abubakar, and PDP presidential aspirant in the last election, kicked against the recent directive by President Bola Tinubu for the CBN to take over the responsibility for crude oil sales from Nigerian National Petroleum Company Limited (NNPCL), describing it as illegal.
