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**CBN Addresses Nigerians on Naira Depreciation**

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By Daniel Edu

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), represented by Dr. Usman Opanachi, has urged Nigerians to exercise patience as the CBN works towards strengthening the Naira. Speaking at the 2024 public lecture organized by the Nigerian Economic Society, Cardoso acknowledged the temporary relief provided by past strategies against the free fall of the Naira. He emphasized that the excess demand for foreign exchange is a persistent challenge and outlined the CBN’s shift towards a market forces approach in determining the Naira’s price, allowing market dynamics to play a more significant role. The CBN is committed to addressing economic challenges and stabilizing the exchange rate.

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