ABUJA – The Central Bank of Nigeria (CBN) has insisted that the naira will stabilise as investors’ confidence improves.
The CBN Governor, Yemi Cardoso, stated this in Abuja yesterday during his address to the Monetary Policy Forum (MPF) with external stakeholders.
He said the monetary authority is confident that the policies introduced so far are setting Nigeria on a path of sustainable economic stability.
“Again, let me say that yes, the naira has seen quite some volatility in the recent past, and we believe that it is getting to a position of stability.
“But it is very important to recognise that as far as the international community and international investors are concerned, the naira is at a point where it is a lot more reflective of its real rate, as a result of which it is more competitive,” he noted.
He added that Nigeria has witnessed an uptick in interest from international investors, stressing the need for collaboration among policymakers, the private sector and the civil society to drive a meaningful change.
Cardoso highlighted that the forum provided a platform for engagement, allowing all the stakeholders to exchange ideas and refine strategies for the road ahead.
He explained that the forum is an avenue for dialogue and collaboration on the critical issues shaping monetary policy.
“This forum is a focused platform for rigorous intellectual discourse, providing an opportunity to examine monetary policy formulation, implementation and outcomes. Unlike broader economic conferences, our discussions here are designed to address monetary policy challenges with precision, offering evidence-based insights to enhance policy effectiveness,” he stated.
He asserted that Nigeria has witnessed relative stability in the foreign exchange (FX) market, a narrowing exchange rate disparity, and raising external reserves to over $40 billion as of December 2024.
