- Safiu Kehinde
The Central Bank of Nigeria’s (CBN) Governor, Olayemi Cardoso, has claimed that the Naira has become more competitive with a safe and reliable payment system.
Cardoso made the claim while speaking that the Monetary Policy Committee (MPC) meeting on Tuesday.
According to a statement issued on the apex bank’s official X handle, Cardoso attributed the development on Naira to the Non-resident Bank Verification Number (NRBVN) which had seen Nigerians in diaspora have seamless access to invest back home and thereby increasing the value of our local currency.
“The NRBVN initiative is a game-changer. Nigerians in the Diaspora now have seamless access to invest back home. We are targeting $1B monthly inflows—and we’ll get there.
“CBN is walking the talk. Publishing our audited statements validates our stance on orthodox monetary policy.
“The trust deficit is real. But so is our resolve. We’re making the system stronger, safer, and more accountable.
“Rebuilding trust also means securing our systems.
“We’ve implemented robust KYC and partnered with NIBSS to ensure safety, screen users, and stay off the FATF grey list.
“Our currency is now more competitive, and with a safe and reliable payments system, trade across the region can flourish without the usual risks.” Cardoso said.
While reiterating that the Nigerian financial system remains sound and stable, with positive performance indicators, the MPC, which has Cardoso as its Chairman, urged CBN to sustain its strong oversight role of Nigerian Banks to ensure compliance with regulatory and macro-prudential standards.
“Investors don’t go where there’s instability. With stability comes confidence. With confidence comes investment. And with investment comes growth and output. That’s the path Nigeria is now firmly on.
“At the Central Bank of Nigeria, we are on a mission to restore confidence and rebuild trust. It won’t happen overnight, but we are committed to consistency and transparency—hallmarks of our work over the last 18 months.” Cardoso said.
The MPC further welcomed new policies from the Federal Government to boost local production and ease FX pressures.
It called for more support for non-oil exports to strengthen Nigeria’s economic fundamentals.
The MPC reaffirmed its commitment to anchoring inflation expectations, easing exchange rate pressures, and maintaining price stability over the near-to-medium term.
Given the global and domestic uncertainties, the CBN MPC also resolved to maintain close surveillance and ensure readiness to respond to emerging shocks.