The Central Bank of Nigeria has assured Nigerians that the apex bank has initiated some strategies to address the challenges occasioned by dollar scarcity.

The CBN Governor, Yemi Cardoso, disclosed this at the resumption of the sectoral debate series organised by the House of Representatives on Tuesday.

Cardoso lamented the high cost of living in the country.

He noted that the nation’s economy is now better than it was when President Bola Tinubu took over from Muhammadu Buhari on May 29, 2023.

He said, “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the foreign exchange markets.

“These include unifying foreign exchange market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap.”

While acknowledging the challenges threatening the economy, the CBN boss said, “I want to emphasize that we are now at a turning point, and the bold reforms underway across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably.

“I am confident that positive outcomes are already emerging and will become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.

“Notably, recent reports from international rating agencies such as Fitch, Moody’s, S&P and commendations from multilateral banks like the World Bank reflect this positive trajectory, with upgrades to Nigeria’s ratings from stable to positive.

“These reports acknowledge the potential reversal of the deterioration in the country’s fiscal and external position due to the authorities’ reform efforts. While recognizing the painful adjustments, they all point in a direction that will unlock much-needed growth and development for our economy in the medium to long term.”

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that with crude oil production hitting 1.65 mbd as well as the palliatives rolled out by the Federal Government, normalcy would return in no distant future.

“We have to focus on domestic resource mobilisation. Yes, inflation has increased, the cost of living is high, and palliatives have been rolled out. We will get there, no doubt,” he said.