The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso has pledged that the Apex bank will soon introduce new foreign exchange laws and guidelines to achieve price stability, ensure tightening of monetary policies aimed at curbing rising inflation, encourage borrowing and real sector investment.

Speaking at the 58th annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN), during the weekend, Cardoso said instead of direct interventions, the CBN will collaborate with stakeholders and formulate policies that create an enabling environment for sustained economic growth and development. (CUE IN: CBN ON NEW POLICIES)

Our Correspondent, Raliat Adenekan reports that the CBN Governor said in order for Nigerian banks to effectively play their role to serve $1 trillion Gross Domestic Product (GDP) target of the President Tinubu administration, the Apex bank would be directing banks to raise their capital. (cue in: CBN ON RECAPITALIZATION)

Mr Cardoso also clarified that the 43 items were never explicitly banned from importation or sale in Nigeria, noting that the apex bank only restricted access to foreign exchange for the importation of these items.