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Tag: Olayemi Cardoso

  • Naira Strengthens Slightly as Nigeria’s FX Reserves Rise

    Naira Strengthens Slightly as Nigeria’s FX Reserves Rise

    Nigeria’s currency, the naira, made a marginal gain on the official foreign-exchange market on Tuesday, trading at ₦1,447.43 to the US dollar, compared with ₦1,448.03 on Monday — a daily appreciation of roughly ₦0.60. Meanwhile, the parallel market rate held steady at ₦1,465 per dollar, unchanged from Monday.

    Data from the Central Bank of Nigeria (CBN) also showed the country’s foreign‐exchange reserves at US$43.97 billion as of 17 November 2025. In remarks earlier that day, CBN Governor Olayemi Cardoso announced that reserves had reached a seven-year high of US$46.7 billion as of 14 November. He attributed the rise to improved oil receipts, strong portfolio inflows and restored investor confidence.

    The near-flat movement of the naira in the official segment comes amid this strengthening reserve position, which the central bank says underpins exchange-rate stability. However, the persistent gap between the official and parallel market rates signals that currency pressure remains in segments of the market.

    Analysts note that while the increase in external buffers is a positive sign, the modest FX-market movement suggests that deeper structural challenges — including demand for foreign currency for trade and investment, and differential access between market segments — will continue to influence the naira’s path in the near term.

     

  • Inflation Eases to 18.02% on Strong CBN Policy Measures

    Inflation Eases to 18.02% on Strong CBN Policy Measures


    Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the country’s inflation rate will continue to decline, driven by tight monetary policy, a stable exchange rate, and improved food supply.

    Cardoso gave the assurance during the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, D.C., according to a statement released by the apex bank on Thursday.

    Nigeria’s inflation rate dropped for the sixth consecutive month to 18.02 percent in September, the lowest in three years, marking a sharp reversal from the 34.19 percent peak recorded in June 2024.“We expect inflation to continue to trend downward in the near term, supported by tight monetary conditions, a stable Naira, and increased food supply,” Cardoso said.

    The CBN attributed the improvement to decisive monetary policy actions aimed at restoring price stability and anchoring expectations.

    At its September 2025 Monetary Policy Committee (MPC) meeting, the Bank eased slightly by cutting the benchmark interest rate by 50 basis points to 27.00 percent, while lowering the Cash Reserve Ratio (CRR) for commercial banks to 45 percent, maintaining an overall anti-inflationary stance.

    The apex bank also highlighted reforms in the foreign exchange (FX) market, including exchange rate unification and enhanced transparency, which helped stabilize the Naira. The gap between the official and Bureau de Change (BDC) rates has now narrowed to less than 2 percent.

    Improved FX liquidity, according to the Bank, has reduced imported inflation pressures, while foreign reserves remain stable at between $42.67 billion and $43 billion, equivalent to over eleven months of import cover.

    The CBN reaffirmed its commitment to sustaining the disinflation trend through a mix of exchange rate stability, stronger food production, and moderation in energy costs.

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  • Nigeria Takes Over G-24 Chairmanship, Pledges Inclusive Global Reforms

    Nigeria Takes Over G-24 Chairmanship, Pledges Inclusive Global Reforms

    The Central Bank of Nigeria Governor, Olayemi Cardoso and others at the Intergovernmental Group of Twenty-Four annual meeting. Photo Credit: CBN

    Nigeria has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), a coalition of developing countries advocating for fairer representation in global economic decision-making.

    The Central Bank of Nigeria (CBN) announced the development in a post on its official X handle on Wednesday, noting that Nigeria will formally take office on November 1, 2025.

    Formed in 1971, the G-24 serves as a platform for developing nations to coordinate their positions on international monetary policy and development financing, ensuring their collective interests are represented in global forums.

    CBN Governor Olayemi Cardoso, speaking on behalf of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reaffirmed Nigeria’s commitment to advancing the group’s mission.

    “Our focus will be on sustaining momentum in areas that matter most to our members,” Cardoso said. “We look forward to working with other member states to promote inclusive growth, equity, and global stability.”

    He emphasized that Nigeria’s leadership would strengthen the G-24’s influence as a key platform for championing the interests of emerging and developing economies.

    In 2024, the federal government had urged member nations to increase investments and deepen trade partnerships, particularly in Nigeria’s manufacturing, agriculture, and oil and gas sectors.

    Edun at the time highlighted Nigeria’s vast agricultural potential, noting that the country possesses one of the largest expanses of arable land globally, second only to Brazil, positioning it to become a major food exporter.