The Digest:
In a promising shift, Nigerians are regaining trust in the naira, as confirmed by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso. Speaking at the post-MPC press briefing in Abuja, Cardoso attributed the growing confidence to ongoing monetary reforms and macroeconomic stabilization.
Key Points:
- Nigerians are showing increased trust in the naira, with even travel agents preferring payments in the local currency over dollars.
- The gap between official and parallel exchange rates continues to close, signaling structural reforms.
- Improved access to Naira-denominated payment systems abroad highlights the success of the CBN's reforms.
- The MPC voted unanimously to maintain the Monetary Policy Rate (MPR) at 27.5% and keep key rates unchanged to curb inflation.
- Cardoso emphasized that these reforms are not temporary measures but transformational changes meant to state
- Recent policy actions are stabilizing the foreign exchange market, contributing to stronger national confidence in the currency.
The ongoing reforms are fostering a more positive outlook on the naira, offering hope for its continued recovery as the CBN keeps tightening policies to stabilize inflation and the currency.
