contribute to the accretion of reserves. the expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a marketdetermined exchange rate policy by the cbn. this reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. the resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating nigeria's appeal to global investors. we are implementing a comprehensive strategy to improve liquidity in our fx markets in the short, medium, and long term. our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years. upholding the integrity of financial markets is crucial for building confidence. with the completion of an independent forensic review, we are addressing the backlog of valid fx transactions and we remain steadfast in our commitment to decisively address any infractions and abuses. 3 / 5 bis - central bankers'speeches in our efforts to stabilize the exchange rate, it is imperative that we prioritize transparency and create a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike. we believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term. this coordinated approach will contribute to a more balanced and stable exchange rate. the nesg macroeconomic outlook it's important to highlight that the nesg's macroeconomic outlook report for 2024 being launched today emphasises the necessity of economic transformation under the central theme, " economic transformation roadmap : medium - term policy priorities. " this theme underscores the requirement for a clearly outlined roadmap comprising distinct yet interconnected phases and essential policy recommendations. this resonates with me as we have just last week, launched a new 5 year strategy for the central bank of nigeria for the period 2024 - 2028 that provides a clear roadmap for achieving our mandates anchored on the following themes price stability and monetary policy effectiveness robust and resilient financial system governance, compliance, and advisory to government these form the pillars around which all our actions and activities will revolve, enabling us to deliver on our mission " to ensure monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development ". the work has already started, internally within

##nting the fact that, while the exchange rate is now much more attractive, that doesn ’ t help farmers because few have stock to sell at the moment. but there is nothing at all stopping farmers who have no stock to sell, or meat companies on their behalf, from buying foreign exchange forward at the currently prevailing rates, and locking in current exchange rates. by doing that, they eliminate the risk that the exchange rate may rise before their stock is ready for sale, but of course they also pass up the additional benefit they might get if the exchange rate were to fall further. secondly, although the new zealand dollar has been subject to quite marked fluctuations over the last few months, by and large the new zealand dollar is not a volatile currency by the standards of other floating rate currencies. certainly measured on a tradeweighted basis, the new zealand dollar has in recent years been less volatile on a week - to - week basis than, say, the australian dollar, the us dollar, the pound sterling, or the japanese yen. what about the longer - term trends? since at least the beginning of the seventies, the trade - weighted measure of the new zealand dollar has tended to move to reflect differences between inflation in new zealand and inflation in our trading partners ( graph 1 ). graph 1 : relative consumer prices and nominal twi ( 1970 - june 1997 average equals 100 ) index index nominal twi foreign / domestic price level in other words, when inflation was higher than in our trading partners, the new zealand dollar had a tendency to depreciate. when inflation was lower than in our trading partners, the new zealand dollar had a tendency to appreciate. occasionally, the exchange rate graph 2 : nominal and'real'trade weighted exchange rate ( 1970 - june 1997 average equals 100 ) index index nominal twi foreign / domestic price level'real'exchange rate would depreciate a little faster than seemed warranted by a relatively poor inflation performance in new zealand, and exporters enjoyed the experience. occasionally, as in the period from early 1993 to early 1997, the exchange rate appreciated faster than seemed warranted by a relatively good inflation performance, and exporters found the experience anything but enjoyable ( graph 2 ). if historical relationships hold, one would expect the new zealand dollar to move broadly in line with inflation differentials over the longer term, and a few months ago this led a number of commentators to suggest that, at that time, the new zealand dollar was clearly over - valued