Yemi Cardoso, the Governor of the Central Bank of Nigeria, acknowledged that achieving stability in the foreign exchange (FX) rate is a gradual process and cannot be accomplished overnight. He emphasized that fluctuations in the market will persist, but reassured Nigerians that the CBN is committed to fostering a stable exchange rate.

Speaking at a joint briefing during the recently concluded World Bank/IMF Spring Meetings in Washington, DC, Cardoso highlighted the ongoing efforts to stabilize the exchange rate. He acknowledged recent fluctuations in the value of the naira but underscored the importance of striving for stability and appropriate price discovery.

Cardoso disclosed the CBN's objective to double current diaspora remittance flows, despite recognizing the ambitious nature of this goal. However, he expressed confidence in Nigeria's capability to achieve it.

Regarding foreign portfolio investors (FPI), Cardoso noted positive feedback and engagement with them. He emphasized the importance of ongoing dialogue and updates on reforms to maintain investor confidence. Additionally, he anticipated further improvements in sentiment based on recent positive reactions from investors.