Be Patient! CBN is working to strengthen naira against the dollar,ÇBN Governor Yemi Cardoso mocks Nigerians

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened.

Cardoso said this at the 2024 public lecture entitled: ‘Recent Developments in a Nigerian Foreign Exchange Market: Issues, Options and Way Forward’, organised by the Nigerian Economic Society, NES, at the CBN Centre of Excellence Hall, University of Ibadan.

The CBN governor, who was represented at the event by Dr. Usman Opanachi of the Department of Monetary Policy, CBN said: “Anytime the Naira is on trial, the CBN is also on trial. We are working day and night to address the challenges and we hope things will work out.

“The exchange rate features nearly in every sector. The exchange rate and inflation are very high now. The exchange rate is a problem.

“Excess demand for forex in Nigeria is a legendary problem. It has just been there and over the years, the bank has implemented various strategies to address this problem. Those strategies have only been able to provide some temporary relief.

“The Central Bank of Nigeria does not supply or produce dollars. It is the naira that it produces. The CBN management thinks when you hold the price of a commodity that is determined by forex down artificially, a time comes when you will not be able to do that.

“The thinking of the new management of CBN is that the policies you have are intended to address the problem. The approach the management has adopted is the market forces approach. The bank now allows the market forces to play a greater role in the determination of the price of naira.”

Delivering the lecture, a renowned economist, Prof Sam Olofin, said it will be difficult for the CBN to control the foreign exchange saying the parallel market forces have taken dominance.

On the evolution of the Nigerian Foreign Exchange Market, Olofin said: “We are only applying the same old drugs on a patient without any good results. The parallel markets are outside the purview of the CBN.”
In his welcome address, President of the Nigerian Economic Society, Prof Adeola Adenikinju urged the Federal Government to consult economists on the weak economy.

Meanwhile, a coalition of civil societies in Osun State, yesterday, stormed the streets of Osogbo, the state capital protesting against hardship in the country.

Members of the coalition converged at the popular Nelson Mandela Freedom Park in Osogbo around 7:30 am despite the early morning rain in the town.

The peaceful protest moved through Old Garage, through MDS to Olaiya where it addressed residents and participants.

Chairman of the coalition, Mr Waheed Lawal said: “This is just awareness for the protest that will come up on Monday. We are mobilising to the streets to make those in government realise that Nigerians are dying of hunger.”

Sanwo-Olu unveils intervention measures
Meanwhile, Governor Babajide Sanwo-Olu of Lagos State, yesterday, explained that his administration was working towards introducing various interventions to cushion the hardship.

The governor stated that part of the intervention includes approval of a 25% reduction on every foodstuff purchased, worth over N25,000.

Sanwo-Olu said this during a special live media chat, tagged: ‘Sanwo Speaks,’ to intimate residents of steps being taken by his administration to reduce the effects of the harsh economic realities on residents.
His words: “This administration is working towards putting interventions in place across different sectors to reduce and ameliorate the sufferings of Lagosians.”

“We will open soup kitchens/bowls where identified caterers (mama put) at least 1,000, will be employed across local government areas to feed those who need it, once daily.

“Beneficiaries will get vouchers to be able to access the kitchens. We will also be having food purchases and redistribution to people who need it, especially as we are currently expecting about 100 trailer loads of rice and grains.

“Also, we will be having Sunday markets in 42 identified markets where people can buy cheaply at discounted rates. Purchase will however be limited to N25,000 to ensure that those who need it benefit from the initiative.
“There will be free delivery in all general hospitals (normal and caesarian section), and a rebate on certain medications. Six health districts will be holding free health missions twice a week for the next three months.”

Ogun to sell 100 trucks load of rice —Abiodun
To cushion the effect of the rise in the prices of goods in the country, Governor Dapo Abiodun of Ogun State, yesterday, disclosed that his administration has purchased 100 trucks load of rice to be sold at cheaper rates to residents of the state.

Governor Abiodun stated this while speaking at a stakeholders’ meeting in Abeokuta, the state capital.
He, however, said the poor, the elderly, and the vulnerable would enjoy free allocation.

He said: “We have decided to give our people foodstuffs like rice, garri, beans. I have ordered almost 100 trailers of rice, they will start offloading them tomorrow (today).

“We have decided that the poor, the elderly, and the vulnerable will be given the rice free of charge, while others will have to buy the rice at the price we formally bought it.”