Naira Emerges as Global Best-Performing Currency in April, Says CBN Governor

The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, recently revealed that the bank’s foreign exchange reforms have made the naira the best-performing currency globally.

This success was highlighted during a briefing on the sidelines of the World Bank/IMF Spring Meetings in Washington DC, United States.

According to Cardoso, the CBN’s foreign exchange reforms are yielding positive results, with April witnessing the naira’s emergence as the best-performing currency globally.

This achievement has been supported by bullish sentiment from leading international investment institutions.

The foreign exchange market has also experienced robust activities, with turnover reaching levels not seen in over seven years, instilling confidence among investors, businesses, and other partners.

Despite the positive developments, Cardoso acknowledged the challenges facing Nigeria’s economy, including rising inflation rates, security concerns in food-producing regions, and infrastructure challenges.

The CBN has implemented several policy reforms to address these issues, and the Governor expressed confidence that inflation, which is currently rising at a decelerated rate, will soon begin to fall.

While acknowledging the ongoing challenges, Cardoso emphasized that the CBN has a determined pathway and a sequenced approach to tackling all issues, working closely with stakeholders such as investors, banks, businesses, and fiscal counterparts.

The Governor’s statements reflect the bank’s commitment to maintaining and improving the performance of the naira, as well as addressing the broader economic challenges facing Nigeria.

The success of the foreign exchange reforms in making the naira the best-performing currency globally in April demonstrates the effectiveness of the CBN’s policies and its efforts to stabilize the Nigerian economy.

As the bank continues to work with key stakeholders and implement further reforms, the hope is that Nigeria will see continued improvements in its economic indicators and overall financial stability.