The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has explained that the country’s currency, the naira, is a stable, reliable, and more competitive payment system for trade across the West Africa region.
He disclosed this in a press conference on Tuesday after the Monetary Policy Committee’s 300th meeting in Abuja.
According to him, the apex bank’s reforms in the last 18 months have fueled and sustained naira stability, which stood at N1,598.68 per dollar at the official foreign exchange market as of Tuesday.
Cardoso urged that the naira’s competitiveness in transnational trade would continue to encourage exports.
“Our currency is now more competitive, and with a safe and reliable payments system, trade across the region can flourish without the usual risks.
“This should encourage more exports if we continue in the trajectory. I am very optimistic,” he stated.
He added that, “Given the relative stability in the foreign exchange market, members urge the bank to sustain the implementation of the ongoing reforms to further boost the economy.”
Recall that the MPC decided to retain the country’s interest rate at 27.50 percent amid inflation decline.
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