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School, Medical Tourism Putting Pressure On Naira- CBN Gov

Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), attributed the rise in the exchange rate between the naira and dollar to the growing number of Nigerian students studying abroad and the increase in medical trips undertaken by Nigerians.

Cardoso made these remarks during the sectoral debate organized by the House of Representatives in Abuja on Tuesday. He emphasized that addressing the high cost of living remains a priority for the CBN, affirming their commitment to implementing measures aimed at reducing inflation to 21.4 percent by enhancing agricultural productivity.

“Volume on transactions on our market was over 800 million dollars. The cost of living still remains a concern. The urgency of the matter is not lost on us. We are working to bring lasting solutions. CBN working at bringing down Inflation to 21.4 percent aided by improved agricultural productivity. 

“To address exchange rate volatility we will improve liquidity. These come with economic costs, which are temporary.

“There’s increasing demand for dollars with an increase in Nigerian students studying abroad, projected to have exceeded 100,000 by 2022. Given this data, 28.6bn dollars. Education and medical tourism also leading to increasing demand for dollars.

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