Cardoso: Stronger Naira Set to Boost Nigeria’s Non-Oil Exports and Attract Investment
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has stated that recent monetary reforms have made the naira more competitive, creating a favorable environment for boosting Nigeria’s non-oil exports. Addressing journalists after a Monetary Policy Committee meeting in Abuja, Cardoso emphasized that the reforms had helped stabilize the currency, signaling renewed investor confidence in the Nigerian economy.
According to Cardoso, Nigeria’s foreign reserves have significantly increased from just over $3 billion to approximately $23 billion. He attributed this remarkable improvement to increased transparency in currency management, market-driven exchange rates, and renewed international trust in Nigeria’s economic policies. These changes, he said, have eliminated distortions and curbed currency arbitrage, giving exporters a fairer playing field.
The CBN governor acknowledged the economic hardship that accompanied the reforms but stressed that they were necessary for long-term stability. He highlighted that recent inflation trends and foreign exchange performance show the economy is on the right trajectory. Cardoso insisted that no single policy could fix all economic issues, but together, they form a foundation for sustainable growth.
Cardoso also pointed out that the now more competitive naira should naturally lead to increased export activity. He expressed optimism that if current reforms are maintained, the export sector would thrive. He emphasized that the success of these reforms had been noticed by economic stakeholders and should encourage continued investor interest in the Nigerian economy.
Finally, the CBN noted that the improved policy framework had cushioned the naira against recent global currency shocks. While other emerging market currencies faced pressure, the naira remained relatively stable. Cardoso concluded that with sustained reforms, growing reserves, and strengthening capital and remittance flows, the naira is well-positioned to support Nigeria’s broader economic development.
Source: Arise