CBN reforms will let you get FX without knowing anybody in any bank  —  Cardoso

He said the ultimate goal of the policies is to ensure that Nigerians who need foreign exchange do not have to know anyone at the Central Bank or any commercial bank to get it.

Cardoso said this during his pre-recorded interview with Arise TV, which aired on Monday, February 5, 2024.

Speaking about the CBN policies in the past month, Cardoso said his regime at the CBN has come up with policies that would rid the country of the fluctuations in the exchange rate.

“We have looked at this over the past months and come up with certain policies which are focused on creating an environment where liquidity comes back to the market and where we can see a more vibrant market than we had before,” Cardoso said.

Cardoso added that the ultimate goal of the CBN reforms is to create a transparent system and an environment where those who need foreign exchange would easily access it without knowing anybody in any bank.

He said, “Ultimately, I see a situation where people who require foreign exchange don’t have to know anybody in the banks in either the central bank or the commercial bank. 

“A system that is open and transparent creates an environment for distortions to go away. And for those who want to bring in foreign exchange, and those who want to demand it can do so on an open basis, willing buyer, willing seller basis and therefore, the market becomes more active and the price is eventually discovered at a level that makes sense.”

The CBN governor also said that some of the apex bank’s policies have triggered the interest of foreign investors who have left the country to consider a return to the Nigerian market.