Nigeria’s Central Bank Governor, Yemi Cardoso, says recent economic reforms have made the naira more competitive and resilient globally. Speaking at the G24 briefing during the 2025 IMF/World Bank Annual Meetings in Washington D.C., Cardoso said the currency’s performance reflects growing stability and investor confidence.
According to him, Nigeria has built stronger economic “buffers” to withstand global shocks, thanks to a series of policy changes made by the government and the Central Bank. These include efforts to unify exchange rates, reduce excessive demand for foreign currency, and boost local production.
One of the biggest signs of progress, he said, is Nigeria’s current account surplus, which now stands at around 6% of GDP. This surplus means the country is exporting more than it is importing, a shift largely driven by a more stable naira and reduced import pressure.
Cardoso emphasized that the naira’s improved value is not just a short-term win but a reflection of deeper economic changes. He pointed to gradual appreciation in the exchange rate. In early September, the naira traded at ₦1,527.90 to the US dollar. By mid-September, it had strengthened to below ₦1,500, and more recently, it hovers around ₦1,463.
This upward trend is helping rebuild confidence in the Nigerian economy. It also supports the broader economic restructuring goals set by the current administration, which include improving productivity, encouraging local industry, and stabilizing prices.
He acknowledged that the journey hasn’t been easy, but added that the worst of the turbulence may be behind. The reforms, he noted, are beginning to show real impact—especially in making the naira more reflective of market realities.
While challenges like inflation and investor skepticism remain, the Central Bank appears focused on long-term solutions rather than short-term fixes. The governor expressed optimism that if the current policy direction continues, the naira will remain competitive and Nigeria’s economy will grow stronger and more self-sufficient.
Overall, Cardoso’s message was one of cautious optimism: Nigeria is making progress, and the naira’s recent gains are just the beginning of a larger recovery story.
