The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has said that the volatility in the foreign exchange (FX) rate cannot end overnight, adding that there will be continuous ups and downs in the market.

He, however, assured Nigerians that the CBN is doing everything possible to ensure that Nigeria achieves a stable exchange rate.

Cardoso spoke in a joint briefing on the sidelines of the just-concluded World Bank/IMF Spring Meetings in Washington DC.

The  CBN Governor said the apex bank is targeting to double the current flows in terms of diaspora remittances.

He admitted that the target appears very ambitious but expressed confidence in the ability of the country to accomplish it.

According to the CBN boss, the response from the foreign portfolio investors (FPI) has been positive.