The Central Bank Governor, Yemi Cardoso, proudly announced that the Naira has achieved the prestigious status of being the best performing currency worldwide as of April 2024.

This significant milestone follows comprehensive foreign exchange market reforms, buoyed by optimistic sentiments from major international investment entities.

However, April brought a meteoric rise for the Naira, witnessing an astonishing 45% gain fueled by a series of strategic forex and monetary policies. 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. This liquidity infusion has instilled confidence among investors, businesses, and partners, fostering smoother transactions within Nigeria’s FX markets.

Despite this resounding success, Cardoso tempered the enthusiasm with a note of caution, acknowledging the persistent challenges that the economy faces. Elevated inflation, propelled by surging food prices, transportation costs, and energy expenses, remains a pressing concern. However, he expressed confidence in the deceleration of inflation rates and anticipated a subsequent decline.

“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. To counter these challenges, the Central Bank has implemented a suite of policy reforms aimed at stabilizing the economy and alleviating various pressures. While celebrating the early successes, Cardoso stressed the importance of remaining vigilant and proactive in tackling the myriad challenges ahead.

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. This concerted effort and collaborative approach are pivotal in navigating the complexities of the economic landscape, ensuring sustained growth and stability.