By OBSERVERS TIMES .
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has declared that Nigeria’s naira has become a competitive currency amid recent global economic uncertainties.
Speaking at the post-Monetary Policy Committee (MPC) briefing, Cardoso attributed the naira’s resilience to early policy reforms implemented by the CBN, which have helped Nigeria withstand the ripple effects of global currency depreciation triggered by US policies and geopolitical tensions.
“Compared to other countries, Nigeria has fared very well. Our depreciation was very modest,” Cardoso said. “This reflects the proactive measures we took earlier to stabilise the economy.”
He warned that without the policy reset initiated 18 months ago, the economic outlook would have been far more dire.
The CBN governor also highlighted a significant improvement in Nigeria’s external reserves, attributing this to increased transparency and renewed investor confidence.
“These reforms have encouraged many investors who were previously hesitant. The numbers clearly demonstrate this turnaround,” he noted.
Cardoso described recent dialogues with Nigerians in the diaspora and foreign investors as “overwhelmingly positive.” He said that for the first time, investors are no longer debating whether to invest in Nigeria but rather when to enter the market.
Addressing the launch of the Non-Resident Bank Verification Number (NRBVN) platform, designed to facilitate smooth diaspora transactions, Cardoso acknowledged ongoing challenges related to trust and high remittance costs.
“Trust remains a challenge, and remittance costs are still high. But we are committed to bridging this gap by offering secure platforms and attractive financial products, akin to models successfully implemented in countries like India,” he said.
Looking ahead, Cardoso expressed optimism that regional trade would benefit from improved payment systems across West Africa. He emphasized that Nigeria’s now more competitive currency would serve as a catalyst for export growth and regional business expansion.
“Now is the time for Nigerian businesses to scale across the sub-region. Continuing on this path will deepen our trade surplus,” he said.
Rebuilding institutional trust remains a core objective for the CBN, Cardoso stressed. He underscored the importance of consistency and transparency in the bank’s renewed approach.
“We are on a mission to restore confidence and rebuild trust. This won’t happen overnight, but we are deliberate and consistent in our efforts,” he said. “We recognize the need to reset the Central Bank and start afresh in key areas — and we are doing just that.”
Cardoso also noted the significance of resuming the publication of audited financial statements in 2024 after more than two decades, describing it as a critical element of the bank’s transparency drive.
“The publication of our audited statements validates the difficult decisions we’ve made. For example, we inherited over a trillion naira in losses, which has been reduced to just N30 billion within a year,” he revealed.
Finally, the governor cautioned against equating the CBN with commercial banks, clarifying the bank’s role as a monetary authority focused on accountability rather than profitability.
“Our key takeaway from the financial statements is accountability, not profit-making,” Cardoso concluded.
