The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Thursday revealed that the weak naira helps boost Nigeria’s exports to other nations.
Cardoso made this claim in Abuja during the Nigerian Economic Summit (NES).
The Governor of the apex bank noted that there are opportunities for people to invest despite the weak currency.
He said, “In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low.
But that also is an opportunity because what that means is that it can help to boost your exports. This will make Nigeria to become a lot more competitive in the export trade. I just want to encourage people to say that the opportunities are here. Things are recalibrating in a particular direction. It’s not perfect, but definitely there opportunities for people to single out and invest.
“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where you have to do things like that. And I see it happening. Others are doing it and the interest is growing in leaps and bounds.”
Cardoso emphasised the position of the Chief Economist of the World Bank Group, Indermit Gill, that the country must maintain its current reforms for the next 10 to 15 years to transform its economy.
