Governor of the Central Bank of Nigeria (CBN), YEMI CARDOSO said that the future of the country’s economy is bright.

CARDOSO cited the positive impact of recent reforms in the foreign exchange market and interest rate hikes including improved investors’ confidence, stability of the Naira and reduction in excess liquidity in the economy.

He said that the recent interest rate hikes of the CBN were necessary to stabilise the naira and address the rise in money supply worsened by the 23 trillion naira Ways and Means, and 10 trillion naira intervention funds.

He, however, assured that interest rates will soon come down once the rising trend in inflation moderates.

CARDOSO also assured that the naira will, going forward, experience more stability given elimination of distortions and stakeholders confidence in the new forex market regime.