CBN Governor Sends Message to Nigerians: ‘No More Naira Devaluation’
- Olayemi Cardoso has assured Nigerians that there are no plans to devalue the naira
- The apex bank said the ongoing reforms have restored confidence in the naira
- Cardoso said foreign exchange reforms have improved transparency in the official and parallel market rates
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has dismissed fears of an imminent devaluation of the naira.
Cardoso noted that the already ongoing monetary and foreign exchange reforms have strengthened confidence in Nigeria’s currency and financial system.
Source: Twitter
CBN happy with reforms
Cardoso made the remarks while delivering a keynote address at the Annual Distinguished Alumni Lecture held to mark the Founders’ Day celebration of the St. Gregory’s College Old Boys Association in Lagos on Thursday, March 12.
According to him, recent policy reforms implemented by the apex bank have restored credibility to the country’s financial system and improved confidence in the naira.
Cardoso said:
“These reforms have restored pride in our currency and strengthened confidence in our financial system."
The CBN governor noted that the apex bank remains focused on restoring price stability and reducing inflation to single digits, although he acknowledged that achieving the target would take time due to both domestic and global economic pressures.
He said:
“Our goal remains to bring inflation down to single digits. This cannot happen overnight. External shocks will continue to occur, and global developments will always have some impact.
“But inflation is effectively a tax, and it disproportionately affects the most vulnerable members of society. That is why restoring price stability remains a central objective.”
Cardoso said the bank’s commitment to transparency and well-governed markets has been demonstrated through key reforms in the foreign exchange market, including the removal of the multiple exchange rate regime that previously allowed only a few to access cheaper foreign currency.
He acknowledged criticism that the exchange rate currently appears weaker than it was before the reforms but argued that accessibility to foreign exchange has significantly improved, BusinessDay reports.
He said.
“Some critics say the exchange rate now looks higher than before the reforms, but when the official rate was lower, only a small number of people could actually access foreign exchange.
“Today the situation is different. Foreign exchange is available through formal channels, and the market is far more transparent.”
Source: Getty Images
Olayemi Cardoso added that Nigerians travelling abroad can now use their naira debit cards for international payments instead of relying on informal channels to source foreign currency, describing it as a major improvement compared with previous years.
The CBN governor also said the gap between the official and parallel market exchange rates has narrowed significantly, dropping from around 50% in 2022 to less than 2% on average in 2025.
According to him, the sharp decline reflects improved liquidity and greater efficiency in Nigeria’s foreign exchange market.
Naira to dollar exchange rate
Earlier, Legit.ng reported that the Nigerian currency continued its recovery against the United States Dollar in the Nigerian Foreign Exchange Market (NFEM) on Thursday, March 12 to N1,371.51/$1.
Data from the Central Bank of Nigeria showed that the naira improved by N4.68 or 0.34% on Thursday when compared with it was traded on Wednesday at N1,376.19/$1.N4.68 or 0.34%
The naira also strengthened against the Pound Sterling, rising by N10.67 to N1,834.80/£1 from midweek’s N1,845.47/£1.
Source: Legit.ng
