No More Naira Devaluation, CBN Governor Cardoso Assures Nigerians
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has assured Nigerians that there will be no further devaluation of the naira, emphasizing that the monetary authority is focused on stabilizing the country’s currency and strengthening confidence in the foreign exchange market.
Cardoso made the statement during a policy engagement where he addressed concerns about fluctuations in the value of the naira and the broader economic outlook. According to him, the Central Bank of Nigeria is committed to implementing policies that will ensure stability in the foreign exchange market while supporting economic growth and investment.
The assurance comes after months of volatility in the Nigerian currency market, which has raised concerns among businesses, investors, and households. Currency fluctuations have affected import costs, inflation levels, and general economic planning, prompting calls for clearer monetary policies from the central bank.
Cardoso explained that the central bank’s current strategy focuses on improving liquidity in the foreign exchange market, boosting investor confidence, and addressing structural issues that have contributed to exchange rate pressures. He noted that consistent policy implementation and transparency would help restore stability and strengthen the credibility of Nigeria’s monetary system.
“We are focused on stability and confidence in the market,” Cardoso said. “There will be no deliberate policy aimed at further devaluation of the naira. Our objective is to ensure that the currency reflects economic fundamentals while maintaining stability for businesses and citizens.”
Since assuming office as governor of the Central Bank, Cardoso has emphasized the importance of market reforms aimed at improving transparency and efficiency in the foreign exchange system. These reforms include efforts to streamline exchange rate mechanisms, encourage inflows of foreign investment, and strengthen regulatory oversight within the financial sector.
Economic analysts say the assurance from the central bank governor may help calm market sentiment, particularly among investors who have been closely watching developments in Nigeria’s foreign exchange policy. Stability in the currency market is widely viewed as essential for economic planning, investment decisions, and maintaining price stability in the country.
However, experts also caution that sustaining exchange rate stability will require broader economic measures beyond monetary policy. These include increasing foreign exchange earnings through exports, attracting foreign direct investment, and improving productivity across key sectors of the economy.
Businesses operating in Nigeria have welcomed the central bank’s commitment to currency stability, noting that predictable exchange rates are crucial for planning imports, pricing products, and managing operational costs. Many companies rely on foreign exchange for raw materials and equipment, making exchange rate fluctuations a major concern for the private sector.
Cardoso also highlighted the role of cooperation between fiscal and monetary authorities in addressing economic challenges. He stressed that coordinated policies between the central bank and the federal government would help strengthen macroeconomic stability and support sustainable development.
The assurance on naira devaluation comes at a time when Nigeria is working to rebuild investor confidence and stabilize key economic indicators. Policymakers believe that maintaining a stable currency environment will encourage investment, improve trade performance, and support long-term economic growth.
As the central bank continues to implement its policy framework, attention will remain on how effectively these measures translate into sustained exchange rate stability. For many Nigerians, the value of the naira remains a critical indicator of economic health, influencing prices, purchasing power, and overall confidence in the economy.
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