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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that it was important to clear about $7bn foreign exchange backlog to restore the confidence of investors.
He stated this on Wednesday in Washington DC where he is attending the IMF-World Bank Spring Meetings.
“I thought it was very important to clear it and restore investors’ confidence,” Cardoso stated, saying that he had to reach out to various stakeholders to make this a reality.
“Whatever policy we make, if they don’t impact the man on the street, then you have not done anything,” Cardoso stated.
He also said the era of intervention was gone as it was not the core responsibility of the apex bank.
