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The strategic focus on policy reforms is expected to continue bolstering the Naira’s robust performance on the global stage.“We still have work to do in solving all our problems,”Cardoso acknowledged,“however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses, and notably, our counterparts on the fiscal side.” Cardoso also commended the efforts towards orthodox monetary policy, noting the positive impact on rebuilding trust and confidence in Nigeria’s economy and leadership.
Just a month prior, in March, the Naira had plummeted to its lowest levels, exchanging at N1,600/$1 on the official market and N1800/$1 on the parallel market, marking a period of uncertainty and economic strain.
Governor Cardoso emphasized that this surge in value has been accompanied by a resurgence in the FX market’s activities, with turnover levels soaring to heights unseen in over seven years.
“Security concerns in food-producing regions and infrastructure challenges also demand attention,”remarked Cardoso, underscoring the multifaceted nature of the obstacles that must be addressed..
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