The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, has declared that the Naira is now more competitive, crediting months of sustained reforms and monetary stabilization efforts for strengthening the country’s economic resilience.
Speaking on Tuesday at a G24 media briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington, D.C., Cardoso said that Nigeria’s proactive fiscal and monetary measures have built stronger buffers against global economic shocks.
“We were able to create resilience and buffers against potential shocks,” Cardoso stated. “In terms of anchoring expectations, we found that those who followed the Nigerian economy were fairly comfortable.”
He noted that although oil remains Nigeria’s most exposed export commodity, its impact on the economy has been “relatively modest” due to diversification and stronger policy coordination.
Positive Trade Balance Signals Stronger Currency Competitiveness
Cardoso revealed that Nigeria is currently recording a positive balance of trade—a rare development in recent years—driven by the improved 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.”
According to him, the stronger currency position is boosting local production and reducing import dependence, aligning with the Federal Government’s ongoing efforts to restructure the economy and strengthen domestic value chains.
“Nigeria is completely restructuring its economy,” Cardoso added. “A competitive currency is helping drive that transformation.”
G24’s Expanding Role in Global Financial Governance
Cardoso also commended the G24’s growing influence within international financial institutions, particularly under Argentina’s current leadership.
“It has been able to get a greater, more effective seat at the table—especially with respect to the Bretton Woods institutions and getting our voices heard,” he explained. “That, in itself, is a major step forward.”
He expressed optimism that the G24 will continue to shape global economic policy debates, adding,
“My expectation is that the good work that has been done will be further deepened in the years ahead.”
Market Update: Naira Maintains Upward Momentum
As of Wednesday morning, the Naira traded at ₦1,463 per U.S. dollar, reflecting continued stability since September 2025.
According to data tracked by the Central Bank of Nigeria (CBN) and market analysts:
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The Naira closed at ₦1,478/$1 on September 30, an improvement from ₦1,527.9/$1 at the start of the month.
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Mid-September marked the beginning of the rally, with the currency appreciating to ₦1,495/$1 on September 15.
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It maintained steady performance, closing at ₦1,486.8/$1 (Sept 24), ₦1,485/$1 (Sept 25), ₦1,480/$1 (Sept 26), and ₦1,480.15/$1 (Sept 29).
Analysts attribute the trend to improved investor confidence, tighter monetary policy, and consistent CBN interventions that have stabilized foreign exchange inflows and bolstered trade performance.
Outlook
Economists say the combination of a more competitive exchange rate, disciplined fiscal spending, and a gradually improving trade surplus could support medium-term stability for the Naira. However, sustained reforms in the energy and manufacturing sectors remain essential to consolidate these gains.
The CBN, under Cardoso’s leadership, has continued to emphasize policy credibility, transparency, and market-driven adjustments as key pillars of its economic recovery strategy.
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