Governor of Central Bank of Nigeria, CBN, Mr Yemi Cardoso has stated that the apex bank will soon introduce a new set of foreign exchange laws and guidelines to tackle Naira depreciation and achieve exchange rate stability.

Cardoso who made the announcement while giving a keynote speech at the 2023 Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), on Friday November 24, said they will also conduct a new recapitalisation exercise for the banking industry, by directing banks to increase their minimum capital base to a level sufficient to support the vision of a $1trillion economy.

He said; 

“Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector. In order to ensure the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonized rules governing market operations are  essential. “New foreign exchange guidelines and legislation will be developed, and extensive consult...[Full Sohttps://globalinfo247.com/cbn-will-introduce-new-fx-laws-and-guidelines-to-tackle-naira-depreciation-cardoso/urce/Images]