The Central Bank of Nigeria (CBN) and the Federal Ministry of Finance are working on new initiatives to rescue the naira, according to information received yesterday.
Mr Wale Edun, the Finance Minister and Coordinating Minister for the Economy, yesterday met with the Apex Bank Governor Olayemi Cardoso and Economic and Financial Crimes Commission (EFCC) Chairman Ola Olukoyede to sketch out plans for stabilising the troubled currency.
The trio meeting comes with the naira gaining some strength against the dollar, closing at N1,440 at the parallel market. The rate represents an N10 gain from the N1,450 to the dollar on Thursday.
But obviously not okay with the exchange rate, the trio met in Abuja yesterday to discuss ways to give the naira more strength.
The Federal Ministry of Finance gave hints of the meeting on its X handle said: “This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede @officialEFCC and CBN Governor Olayemi Cardoso @cenbank, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the Naira.
“The meeting highlighted our continuous efforts in aligning monetary and fiscal policies, underscored by a commitment to the rule of law.
“The EFCC Chairman reaffirmed the Commission’s support for these initiatives, emphasising his dedication to enhancing the integrity of financial regulations.”
Mr Edun emphasised the government’s “commitment to the rule of law” as fundamental to achieving these objectives.
The EFCC Czar, Mr. Olukoyede, also spoke similarly, “pledged the Commission’s unwavering support” for the initiatives. He stressed the anti-graft agency’s commitment to enforcing financial regulations with integrity and curbing illegal activities threatening the economic system.
Governor Cardoso of the Central Bank expressed the Apex Bank’s dedication to working with the EFCC and the Ministry of Finance. He started the importance of “coordinated efforts” in achieving their goals of financial system efficiency and economic stability.
The NATION quoted an official of the Ministry of Finance saying, “These meetings hold regularly where they try to coordinate fiscal and monetary policies to make sure there’s a strong coordinated handshake and they’re operating in sync whilst maintaining their independence.”
The source said while the Apex Bank regains its grip on financial sector regulation, control of the transmission mechanisms and tools for setting the exchange rate, the macroeconomic strategy is driven by the minister.
“The minister takes his coordinating role very seriously. He’s there to provide thoughts leadership, mentorship support, intellectual support and all of that.”
The source also said: “The CBN is putting things out and setting the market right. It’s all about macroeconomic stability, enhancing liquidity, deepening the capital market and making sure there’s access to capital for inclusive development.
“While challenges remain, the collaborative approach and commitment to the rule of law demonstrated by these leaders will pave the way for potential progress in strengthening the Naira and fostering a more robust financial system for the nation.”