The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the Naira is now “more competitive” on the global stage, crediting months of economic reforms and currency stabilization measures. Speaking at a G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington, Cardoso said the government’s proactive policies have helped build resilience against external shocks. According to him, these reforms have boosted confidence in Nigeria’s economy and improved the currency’s performance against global peers.
Cardoso explained that the CBN’s efforts have not only stabilized the exchange rate but also anchored market expectations. “We were able to create resilience and buffers against potential shocks,” he stated, noting that stakeholders monitoring Nigeria’s economy were “fairly comfortable” with recent policy moves. While oil remains the country’s most exposed commodity, Cardoso observed that the impact of global price fluctuations had been “relatively modest,” thanks to Nigeria’s improved fiscal management.
Highlighting one of the major outcomes of these reforms, Cardoso revealed that Nigeria is now enjoying a positive balance of trade—a rare achievement in recent years. He attributed this progress to the competitiveness of the Naira, saying, “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 estimated the surplus to hover around six percent of the Gross Domestic Product (GDP) and projected continued stability in that range. The stronger Naira, he added, is boosting local production while discouraging heavy dependence on imports, a key step in the government’s broader economic restructuring agenda.
Cardoso also lauded the growing influence of the G24 group, particularly under Argentina’s leadership, in global financial governance. He noted that the coalition has secured a stronger voice within the Bretton Woods institutions, including the IMF and World Bank. “It has been able to get a greater, more effective seat at the table and get our voices heard,” he remarked. Cardoso expressed optimism about the group’s future, saying the progress made so far would continue to deepen in the coming years.
As of Wednesday morning, the Naira traded at ₦1,463 to the U.S. dollar, maintaining a trend of steady appreciation that began in September 2025. The currency’s consistent rally—strengthening from ₦1,527.9/$1 at the start of September to ₦1,478/$1 by month’s end—reflects growing investor confidence and the positive impact of Nigeria’s monetary policy adjustments. Analysts believe this sustained recovery signals renewed optimism for Africa’s largest economy, positioning the Naira as one of the most improved emerging market currencies this quarter.
source: nairameterics