Business
Cardoso vows tougher penalties for FX dealers exploiting system
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has vowed to penalize authorized dealers found manipulating the foreign exchange (FX) system.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, Cardoso stressed that the CBN will implement policies promoting market efficiency while imposing stricter sanctions on those exploiting the FX framework.
READ ALSO: CBN staff implicated in alleged misuse of Anchor Borrowers Programme Funds
“The Central Bank does not determine the exchange rate. Exchange rates are determined by fundamentals,” Cardoso said, warning that authorized dealers found manipulating the system will face increasing penalties.
He also highlighted the gradual restoration of confidence in the naira, driven by tighter monetary policies and higher interest rates. Cardoso stressed that trust in the currency is vital, adding, “You cannot expect anybody to have confidence in your currency if they do not trust you.”
The CBN governor reiterated the bank’s commitment to maintaining policy consistency and transparency to strengthen public trust in the naira and its operations.
-
Health4 days agoISRT 2026: Global experts converge in Lagos to advance cancer care across Africa
-
Football5 days agoBallon d’Or 2026: The key rules shaping the race for football’s biggest prize
-
Entertainment1 week agoMiss World 2026: Four Continental winners battle for automatic top 20 spot (VIDEO)
-
Business5 days agoVersat Automobile to launch Chery’s EXEED premium brand in Nigeria
-
Entertainment6 days agoMiss World 2026: Meet 24 African Contestants Flying Continent’s Flag in Vietnam(VIDEO)
-
Comments and Issues5 days agoDigital Rights and the 2027 Poll in Nigeria
-
Energy5 days agoPetrol Price War: Where are Nigerians getting the cheapest fuel?
-
Comments and Issues3 days agoYes, many kidnappers are embedded in the Nigeria Police