In a statement released today, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that Nigerians now have a renewed and growing confidence in the Naira, citing recent economic reforms and foreign exchange stabilization efforts.
According to Governor Cardoso, the CBN’s policy actions—ranging from tightening monetary policy to clearing forex backlogs—have started yielding positive results. “We are seeing clear signs that Nigerians are beginning to trust the Naira again,” he said. “This is reflected in reduced dollar speculation, improved inflows into the official market, and a more stable exchange rate.”
The governor emphasized that restoring faith in the local currency remains a cornerstone of the CBN’s economic agenda. He noted that macroeconomic indicators such as declining inflation rates, increased foreign reserves, and narrowing parallel market differentials also suggest that public sentiment is shifting positively.
Economic analysts have described this development as a potential turning point for Nigeria’s financial system, as a stronger Naira could help bring down the cost of living, increase investor confidence, and reduce the country’s dependency on imports.
Governor Cardoso assured that the Central Bank will continue to implement responsible and transparent monetary policies to maintain this momentum and further strengthen Nigeria’s economic stability.
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