The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has affirmed that the naira remains a stable and reliable currency, supporting a more competitive payment system for trade within the West African region. Speaking at a press conference on Tuesday following the 300th meeting of the Monetary Policy Committee in Abuja, Cardoso attributed the naira’s stability to the CBN’s policy reforms over the past 18 months. As of Tuesday, the naira traded at N1,598.68 to the dollar on the official foreign exchange market. He emphasized that the naira’s growing competitiveness would continue to boost cross-border trade and support export activities.
Referencing recent global currency depreciations driven by U.S. policy shifts and geopolitical tensions, Cardoso noted that Nigeria’s early policy interventions have helped shield the economy, stabilize the naira, and strengthen investor confidence.
“Relative to other countries, Nigeria came out very well. We were able to ensure that our depreciation was very modest,” Cardoso said.
“That, in my view, reflects the measures we had taken earlier to stabilise the economy.”
He cautioned stating that without the policy reset, initiated 18 months ago, “the results would have been disastrous for us.”
“These reforms have given confidence to many players who were previously on the sidelines. The numbers speak for themselves,” Cardoso said.
On recent engagements with Nigerians abroad and foreign investors, the CBN governor described the feedback as “overwhelmingly positive”.
“This is the first time we’re hearing investors say it’s no longer a question of whether they should come to Nigeria, but when,” he said.
Similarly, the governor, while making address at the launch of the non-resident bank verification number (NRBVN) platform, a tool designed to support diaspora transactions, “Trust remains a challenge, and remittance costs are still high. But we’re committed to closing that gap by offering secure platforms and attractive products, like India has done.”
“Now is the time for Nigerian businesses to expand across the sub-region. If we continue this path, we can deepen our surplus,” he said.
Cardoso restated that one of the central objectivess of the bank is rebuilding institutional trust after years of erosion, adding that consistency and transparency remain central to the strategy.
“We’re on a mission to restore confidence and build back trust. It isn’t something that will happen overnight. But we’re being deliberate and consistent,” he said.
“We recognise the need to reset the Central Bank completely and start over in some areas. And we are doing so.”
