Cardoso expressed optimism about the ongoing bold reforms across various economic segments, addressing long-standing challenges.

“We are not a turning point and the bold reforms on the way across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably,” he said on Tuesday.

“I am confident that positive outcomes are already emerging and will become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.

“On that note, I am happy to inform you that as of yesterday, the volume of transactions on our market was over $800 million. This is the first time in many years that it has achieved this level.”

Despite recent reports from international rating agencies like Fitch, Moldes, Standard, and Poor’s and commendations from the World Bank for the positive trajectory of Nigeria’s economy, Cardoso acknowledged concerns raised by lawmakers regarding the high cost of living and currency rates.

He assured them that the Central Bank and the Federal Government are working tirelessly to find lasting solutions to these challenges.

Cardoso highlighted the urgency of addressing the cost of living and currency rate concerns, recognizing the impact on citizens in villages, towns, and cities. He emphasized the collaborative efforts with the House of Representatives leadership to implement measures that would positively impact the lives of Nigerians.

“I acknowledge that despite these commendations, the concerns regarding the cost of living and currency rate remain. This is a major topic of concern in our villages, towns, and cities.

“The urgency of the matter is not lost on us at the Central Bank and I want to assure you that we are working tirelessly with colleagues from across government including the leadership of this House to bring lasting solutions,” he stated.