Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has affirmed that the naira has become "more competitive" on the global stage, crediting a series of economic reforms under the Bola Tinubu administration for shielding the economy from international shocks and fostering a trade surplus.
Speaking at a Group of 24 (G24) press briefing on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings, Cardoso highlighted how early policy actions have repositioned Nigeria's currency for export-led growth and investor appeal.
Cardoso pointed to the swift implementation of reforms since May 2023, including the removal of fuel subsidies and the deregulation of the naira's exchange rate as key drivers behind the currency's enhanced standing.
"We have a more competitive naira today, and that’s essential to build a productive, export-driven economy," he stated, noting that these measures have yielded a positive balance of trade, a rarity for Nigeria, projected to reach about 6% of GDP.
This surplus, recorded at N6.95 trillion in the second quarter of 2024, underscores a shift toward domestic production and reduced import dependence.
The naira's trajectory reflects this progress: as of Wednesday, it traded at N1,463 to the U.S. dollar in the official market, a stabilization from earlier volatility that saw it dip below N1,500 in mid-September 2025.
Cardoso attributed this to tools like the Electronic Foreign Exchange Matching System (EFEMS), introduced in December 2024, which has promoted transparency and curbed market distortions.
External reserves have also swelled from $33 billion in September 2023 to over $42 billion by September 2025, bolstering defenses against global uncertainties such as U.S. trade tariffs and inflationary pressures.
The governor's remarks align with broader optimism about Nigeria's economic trajectory. The IMF recently upgraded its growth forecast for the country to 3.9% in 2025 and 4.2% in 2026, citing improved naira competitiveness and fiscal reforms as pivotal factors.
Cardoso emphasized a "win-win" for investors and citizens, with reforms ensuring positive real returns while insulating the economy from worse external headwinds.
He reaffirmed the CBN's focus on price stability, financial sector strengthening, and inclusive gains, warning that past currency experiments "didn’t work out very well," but the current approach prioritizes sustainability.
Nigeria's proactive stance has not gone unnoticed globally, drawing praise from financial leaders and spurring investor interest.
