The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says the Naira is now “extra aggressive” following months of financial reforms and foreign money stabilization efforts.
Talking on Tuesday at a G24 media briefing on the sidelines of the continued IMF/World Bank Annual Conferences in Washington, Cardoso emphasised that Nigeria’s proactive measures have created resilience towards international financial shocks.
“We had been capable of create resilience and buffers towards potential shocks,” Cardoso stated on Tuesday. “When it comes to anchoring expectations, we discovered that those that adopted the Nigerian financial system had been pretty snug.” He famous that whereas oil remained Nigeria’s most uncovered commodity, the influence had been “comparatively modest.”
Constructive commerce steadiness and financial restructuring
Cardoso revealed that Nigeria is now experiencing a constructive steadiness of commerce, a uncommon growth attributed to the competitiveness of the Naira.
“Now, we’ve got a extra aggressive foreign money, and in consequence, for as soon as, we’ve got a state of affairs the place we’ve got a constructive steadiness of commerce surplus,” he stated. “We anticipate it to be round six per cent of Gross Home Product (GDP) and stay in that vary for a while.”
He added that the foreign money’s energy is encouraging home manufacturing and discouraging imports, aligning with the federal government’s broader financial restructuring agenda.
“Nigeria is totally restructuring its financial system,” Cardoso stated, “and a aggressive foreign money helps drive that transformation.”
G24’s rising affect in international monetary governance
Cardoso additionally praised the G24’s progress underneath Argentina’s management, noting its elevated affect inside the Bretton Woods establishments. “It has been capable of get a larger, a more practical seat on the desk, particularly with respect to the Bretton Woods establishments and getting our voices heard,” he stated. “That, in itself, is a significant step ahead.”
He expressed optimism in regards to the group’s future, stating, “My expectation is that the great work that has been completed can be additional deepened within the years forward.”
What you need to know
As of Wednesday morning, the Naira was buying and selling at N1,463 to the U.S. greenback, persevering with a pattern of stability that started in September 2025. The foreign money closed at N1,478/$1 on September 30, a notable enchancment from its opening price of N1,527.9/$1 firstly of the month.
- The second half of September noticed constant appreciation. On September 15, the Naira dipped beneath the N1,500/$1 mark for the primary time that month, buying and selling at N1,495/$1.
- It maintained momentum with closing charges 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 displays rising investor confidence and the influence of financial coverage changes aimed toward stabilizing the foreign money and boosting commerce efficiency.
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