The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, emphasized the importance of the decision to float the naira, despite public criticism of the move. He stated that the disparity between official and parallel exchange rates encouraged arbitrage and speculation, eroding market trust. He highlighted the positive impact of the decision on reducing speculative trading and stabilizing the currency market. The CBN governor explained that the recent implementation of the Electronic Foreign Exchange Matching System (EFEMS) aimed to rebuild trust and enhance transparency in foreign exchange transactions. Cardoso stressed the importance of effective communication and transparency in building trust and emphasized the need for leadership to prioritize core objectives and avoid distractions in challenging times.

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