I Am Aware That Naira Is Undervalued But Some Nigerians Are Making Irrational Decisions – CBN Governor, Cardoso

The Governor of The Central Bank of Nigeria, Dr. Oluyemi Cardoso has blamed the depreciation of the country’s currency, the Naira on unnecessary panic and irrational decisions made by some citizens.

Dr Cardoso said this on Monday morning during an interview with Arise News TV.

The apex bank governor said the Naira is not getting the deserved rate for its value because some Nigerians panic and make irrational decisions.

He said, “I do believe that in Naira is undervalued. I do believe it. It’s undervalued for a number of reasons, not least of which is the distortionary impact of panic on the part of some people, not really understanding what’s going on and how things get determined.

“And as a result of which irrational decisions are taken. My view, honestly, is that the time for panic is not now, and the time for panic and for cynicism is not now. That time is past. We are on the road now where the right policy decisions are being taken.

“What I’m saying has been validated by the international community; people who’ve seen it in other places, the rating agencies, our ratings have strengthened.

“It’s not just because they have nothing else to do, it’s because they look at what is going on, they analyse it, they’ve seen how other countries go and have gone and they draw their conclusions on that. And they are not sentimental about these things.

“People who follow that thinking will definitely see that Nigeria is on the mend.”