The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigerians are showing renewed confidence in the naira, marking a significant shift driven by ongoing monetary reforms and improved macroeconomic stability.
Speaking at the post-Monetary Policy Committee (MPC) press briefing on Tuesday in Abuja, Cardoso highlighted that recent policy measures are yielding positive results, particularly in stabilising the foreign exchange market. “Very importantly, Nigerians are having greater confidence in their own currency,” he said.
He cited a recent conversation with a travel agent who requested payment in naira instead of dollars, describing it as a sign of changing sentiment. “Those are the things that are happening across the board,” he added.
The CBN governor noted that the narrowing gap between official and parallel exchange rates, as well as growing access to Naira-denominated payment systems abroad, are signs of structural reforms, not short-term fixes. “A lot of what you see going on now is transformational… They are here to stay,” he stressed.
Cardoso also announced that all 12 MPC members voted to maintain the Monetary Policy Rate (MPR) at 27.5%, the asymmetric corridor at +500/-100 basis points, the Cash Reserve Ratio at 50% for deposit money banks and 16% for merchant banks, and the liquidity ratio at 30%.
According to him, the decision to hold all key parameters steady for a third consecutive time reflects the Bank’s intention to sustain tightening measures until inflation shows further signs of cooling.
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