Nigeria CBN Governor Yemi Cardoso Touts Naira as Best-Performing Currency Globally

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), highlighted the success of the apex bank's foreign exchange (FX) reforms, asserting that they have propelled the naira to become the best-performing currency worldwide.

Speaking during a briefing at the World Bank/IMF Spring Meetings in Washington DC, Cardoso emphasized the positive impact of the CBN's measures on the Nigerian economy.

He cited April's remarkable performance of the naira, attributing it to bullish sentiment from international investment institutions and increased liquidity in the FX market. Despite this achievement, Cardoso remains cautious, acknowledging persistent challenges such as elevated inflation rates, security concerns in food-producing regions, and infrastructure deficiencies.

He reiterated the CBN's commitment to addressing these issues through policy reforms and collaboration with stakeholders, emphasizing the importance of a coordinated approach involving investors, banks, businesses, and fiscal counterparts.

Cardoso's remarks reflect a balanced perspective on Nigeria's economic progress and the ongoing efforts required to sustain growth amidst existing challenges.