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NNPCL revenue domiciled in CBN boosting investor confidence —Cardoso

Dr. Olayemi Cardoso, Governor of CBN

*Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria, affirms the Federal Government’s decision to relocate the funding of NNPC Limited and some Ministries, Departments and Agencies to the CBN is boosting investors’ confidence in the Nigerian economy

Isola Moses | ConsumerConnect

The Central Bank of Nigeria has assured the citizenry that recent decision to channel revenue of the Nigerian National Petroleum Company Limited (NNPCL) and that of select Ministries, Departments and Agencies (MDAs) into the CBN coffers has boosted investor confidence in the West African country’s economy.

ConsumerConnect reports Dr. Olayemi Cardoso, Governor of CBN, disclosed this development Monday, February 5, 2024, while featuring in an interview session on Arise TV, monitored in Lagos.

The CBN Governor noted that having crude oil sales funds in the Bank is gradually fosters confidence of foreign investors in Nigeria, ultimately leading to a stable economy.

“The recent move to relocate the funding of NNPC and some MDAs to the Central Bank boosts investors confidence in the Nigerian economy.

“It is in the right direction, as the confidence comes back, volatility begins to reduce.

“As the volatility reduces and the Forex market stabilises, Naira value which is currently undervalued will stabilise,” Cardoso explained.

He as well assured Nigerians that the time to panic over the economy is over.

Cardoso asserted that the current reforms by the CBN are validated by international monetary organisations, and they are improving the ratings of the Nigerian economy.

The CBN Chief further stated in the interview: “The time to panic is not now. That time is past. We are on the road now where the right decisions are being taken.

“These decisions are being validated by international organisations and they see that our ratings are improving. Nigerian is on the mend.”

It is recalled that the moves to relocate the revenue of the NNPC Limited, particularly revenue from sales of crude oil, has generated debates between the incumbent government and opposition parties, including the Peoples Democratic Party.

Recently, former Vice President Atiku Abubakar had kicked against President Bola Ahmed Tinubu’s directive for the CBN to take over the responsibility for crude oil sales from the NNPCL.

Atiku has described the move as illegal.

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