Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said Nigeria’s naira is now competitive.
Cardoso spoke while addressing questions from journalists during the post-monetary policy committee (MPC) briefing.
Citing the recent round of global currency depreciation triggered by the United States’ policies and geopolitical tensions, the CBN governor said early policy reforms by the bank have helped Nigeria weather global economic shocks, stabilise the naira, and built 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 warned that without the policy reset, initiated 18 months ago, “the results would have been disastrous for us.”
The CBN governor said Nigeria’s external reserves improved significantly due to increased transparency and investor interest.
“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.
Cardoso also addressed 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,” Cardoso said.
He said regional trade would benefit from the overhaul of payment systems across West Africa, as Nigeria now has a more “competitive currency” that should incentivise exports and drive surplus growth.
“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 core goals of the bank is rebuilding institutional trust after years of erosion, noting 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.”
Cardoso also highlighted the importance of publishing audited financial statements — which resumed in 2024 after more than two decades.
“The publication of our audited statements is part of the transparency drive. It validates the tough choices we’ve made. For example, we inherited over a trillion naira in losses, but within a year, that has been reduced to N30 billion,” he said.
He cautioned against comparing the central bank to commercial banks, stating “we are a monetary authority, not a profit-seeking institution. The key takeaway from our statements is accountability, not profitability”.