The Governor of the Central Bank of Nigeria, Yemi Cardoso, stated that the Naira has become “more competitive” after
months of economic reforms and currency stabilization initiatives.
Addressing a G24 media briefing on Tuesday during the IMF/World Bank Annual Meetings in Washington, Cardoso highlighted that Nigeria’s proactive policies have strengthened the country’s resilience to global economic shocks.
“We were able to create resilience and buffers against potential shocks,” Cardoso said.
“In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable.”
He noted that while oil remained Nigeria’s most exposed commodity, the impact had been “relatively modest.”
He observed that although oil continues to be Nigeria’s most exposed commodity, its impact has been “relatively modest.”
Cardoso noted that Nigeria is now enjoying a positive trade balance, a rare occurrence he attributed to the increased competitiveness of the Naira.
“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 said. “We expect it to be around six per cent of Gross Domestic Product (GDP) and remain in that range for some time.”
He added that the stronger Naira is boosting domestic production while curbing imports, supporting the government’s wider economic restructuring agenda.
“Nigeria is completely restructuring its economy,” Cardoso stated.
The cbn governor also commended the G24’s achievements under Argentina’s leadership, highlighting its growing influence within the Bretton Woods institutions.
“It has been able to get a greater, a more effective seat at the table, especially with respect to the Bretton Woods institutions and getting our voices heard,” he said. “That, in itself, is a major step forward.”
Dr Cardoso expressed optimism about the G24’s future, saying, “My expectation is that the good work that has been done will be further deepened in the years ahead.”
As of Wednesday morning, the Naira was trading at N1,463 to the U.S. dollar, maintaining the stability trend that began in September 2025.
The currency had closed at N1,478/$1 on September 30, improving significantly from its opening rate of N1,527.9/$1 at the start of the month.
