Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that Nigerians are regaining confidence in the naira, attributing this development to a combination of fiscal discipline and targeted monetary reforms.
Gatekeepers News reports that Cardoso, while speaking at a press briefing in Abuja, highlighted key indicators that suggest the economy is responding positively to recent interventions.
“And very importantly, Nigerians are having greater confidence in their own currency,” he said.
The CBN governor noted that the foreign exchange market is working more smoothly, encouraging inflows into the market.
He credited this to the government’s decision to move away from subsidies, which has resulted in stability in the foreign exchange market.
“These measures, painful though they may be, have resulted in stability in the foreign exchange market. There is positivity in our trade surplus, and it has restored investor confidence,” Cardoso said.
The CBN remains focused on restoring price stability and reducing inflation, which currently stands at 22.22%.
The apex bank has decided to hold the monetary policy rate at 27.5% for the third time in 2025 to “sustain the momentum of disinflation and consistently contain price pressures.”
