New Telegraph 
CBN Governor, Olayemi Cardoso, has shed light on the decision to implement the Electronic Foreign Exchange Matching System (EFEMS) in his address to members of Harvard Club of Nigeria in Lagos, at the weekend, stating that the move was part of the bank’s efforts to enhance transparency and provide more accurate oversight of foreign exchange transactions.
According to him, by enhancing transparency and providing more accurate oversight of forex transactions, the CBN is sending a strong signal that it is serious about fair and efficient markets and also boosting its credibility.
He explained that the CBN’s decision to implement the EFEMS is rooted in the understanding that trust is essential to central banking. He said: “Trust is the currency of central banking.
If the public loses trust in the institution, the efficacy of its policies diminishes. Our decision to implement the EFEMS is rooted in this understanding.” Mr. Cardoso told his audience that leadership, especially as the head of a central bank, often requires making difficult and sometimes unpopular decisions.
He emphasised that the apex bank was a listening institution, unafraid to reconsider decisions if they fail to meet its original objectives.
“In the face of economic challenges, it is imperative to focus on core objectives—restoring the credibility of the institution, building trust in the financial system, and, most critically, containing inflation. These are not just strategic goals; they are foundational to any meaningful recovery,” he said.
