“We must moderate our demands for forex. Where there are opportunities to substitute locally, we should.
”The total quantum for education and medical is more than our external reserves. If we can up our game on education, and medicals, there won’t be the need for our people to go abroad”, the CBN governor mentored.
High demands for the dollar by Nigerians for payment of tuition fees, medical and import bills have continued to pile pressure on the Niara. The limited access to forex, have prompted many to resort to the black market as a viable option,
Commenting on monetary policies to tackle the rising inflation in Nigeria, Cardoso, maintained that the switch to a single rate was an intentional model to help improve investment credibility in the country.
”We are working very hard to bring back credibility to the CBN and many of the investors who over the years have considered the environment inimical, we don’t have to beg them,” he said
The CBN boss added: ”If we are doing the right thing, investors will come. For them to come, they have to believe that you will do the right things. I also want to say that in establishing credibility, there are certain things that we need to do.”
Furthermore, he noted that the CBN had little power to intervene but would explore partnerships to ease the Forex crisis