The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the Naira is now “more competitive” following months of economic reforms and currency stabilization efforts.
Speaking on Tuesday at a G24 media briefing on the sidelines of the ongoing IMF/World Bank Annual Meetings in Washington, Cardoso emphasized that Nigeria’s proactive measures have created resilience against global economic shocks.
“We were able to create resilience and buffers against potential shocks,” Cardoso said on Tuesday. “In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable.” He noted that while oil remained Nigeria’s most exposed commodity, the impact had been “relatively modest.”
Positive trade balance and economic restructuring
Cardoso revealed that Nigeria is now experiencing a positive balance of trade, a rare development attributed to the competitiveness of the Naira.
“Now, we have a more competitive currency, and as a result, for once, we have a situation where we have a positive balance of trade surplus,” he said. “We expect it to be around six per cent of Gross Domestic Product (GDP) and remain in that range for some time.”
He added that the currency’s strength is encouraging domestic production and discouraging imports, aligning with the government’s broader economic restructuring agenda.
“Nigeria is completely restructuring its economy,” Cardoso said, “and a competitive currency is helping drive that transformation.”
G24’s growing influence in global financial governance
Cardoso also praised the G24’s progress under Argentina’s leadership, noting its increased influence within the Bretton Woods institutions. “It has been able to get a greater, a more effective seat at the table, especially with respect to the Bretton Woods institutions and getting our voices heard,” he said. “That, in itself, is a major step forward.”
He expressed optimism about the group’s future, stating, “My expectation is that the good work that has been done will be further deepened in the years ahead.”
What you should know
As of Wednesday morning, the Naira was trading at N1,463 to the U.S. dollar, continuing a trend of stability that began in September 2025. The currency closed at N1,478/$1 on September 30, a notable improvement from its opening rate of N1,527.9/$1 at the start of the month.
- The second half of September saw consistent appreciation. On September 15, the Naira dipped below the N1,500/$1 mark for the first time that month, trading at N1,495/$1.
- It maintained momentum with closing rates of N1,486.8/$1 on September 24, N1,485/$1 on September 25, N1,480/$1 on September 26, and N1,480.15/$1 on September 29.
This sustained rally reflects growing investor confidence and the impact of monetary policy adjustments aimed at stabilizing the currency and boosting trade performance.
