The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared the naira competitive, citing successful policy reforms that stabilised the economy amid global currency depreciation.
Speaking at the post-Monetary Policy Committee (MPC) briefing, Cardoso said Nigeria’s early policy resets shielded it from deeper shocks. “We ensured our depreciation was modest compared to others,” he noted, adding that reforms boosted transparency, investor interest, and improved external reserves.
Highlighting the positive response from foreign investors, Cardoso said, “It’s no longer if they’ll come to Nigeria, but when.”
Read also:
- Stakeholders warn plastic ban could cripple SMEs without recycling infrastructure
- Traders to be relocated as FCT minister promises infrastructure support
- Kwara State backs creative economy to drive youth employment, inclusive growth
- NSITF urges Nigerian employers to enrol in compensation scheme
- Tinubu hosts inaugural West Africa economic summit to boost regional investment
He also introduced the non-resident bank verification number (NRBVN) to enhance diaspora transactions, pledging secure platforms and lower remittance costs.
Cardoso stressed the importance of regional trade and called on Nigerian businesses to expand across West Africa, citing Nigeria’s now competitive currency.
He reiterated CBN’s commitment to restoring institutional trust, stating, “We’re rebuilding deliberately and transparently.”
On financial reporting, Cardoso said the bank reduced inherited losses from over N1 trillion to N30 billion within a year, thanks to audited statements published for the first time in over two decades.
“Our goal is accountability, not profit,” he concluded.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
