Investors’ appetite for Nigeria growing – Cardoso

…says fx market to hit $1 bn in few days

Olayemi Cardoso, the governor of the Central Bank has boasted that investors appetite for Nigeria is growing following the reforms implemented by the bank.

Cardoso said the volume of trade in the foreign exchange market in the past few days has exceeded what the bank has seem in years, whivh signals growing investors’ confidence.

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Speaking during an interactive section with the Senate’s Committee on Banking, Insurance and Other Financial Institutions, he told lawmakers that the foreign exchange market saw over $1 billion in liquidity within the past few days.

“We have already begun to see shifts in a positive direction. Indeed, we have already begun to see positive results with significant interest from foreign portfolio investors which was a concern that has already begun to supply the much-needed foreign exchange to the economy.
For example, upward of the last few days. We have had over $1 billion that have come into the market. And this quite frankly is the answer to the question”, he said.

“That is a solid sign of return to confidence in our economy”, Cardoso added.

The CBN governor also noted that rating agencies have projected a positive outlook rating for Nigeria, which would spur investors’ confidence.

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“I have no doubt that if we continue in this trajectory, we will bring Nigeria back to what we have lost. I accept that in the intervening period there will pains, that is why I took time to mention that inflation will decline significantly between now and the end of the year, I said that. I gave you a number.

” What I will sue for us continued cooperation, the CBN cannot do it alone”, he urged.