Cardoso: Naira’s Rise as Result of CBN’s Anti-Inflation Policies, Not Forex Defense


Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) has attributed the recent strengthening of the naira to the positive impact of policy actions aimed at curbing inflation, dismissing claims of deliberate currency intervention.

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Speaking at an event during the spring meetings of the International Monetary Fund and World Bank in Washington, Cardoso clarified the CBN’s stance, stating, “It is not our intention to defend the naira.”

Cardoso emphasized that fluctuations in Nigeria’s reserves are not driven by efforts to support the naira, refuting any suggestion that currency defense is a priority for the central bank.

He reiterated that maintaining exchange rate stability is not the primary objective of the CBN’s policies.

Despite a decline in liquid reserves by 5.6% since March 18, coinciding with the naira’s rebound from record-low levels against the dollar, to $31.7 billion as of April 12, the CBN governor maintained that these movements are unrelated to defending the currency.

Nigeria, as Africa’s largest oil producer, has witnessed a significant recovery in its currency following a 43% devaluation in January.

The recent rebound in the naira underscores the effectiveness of the CBN’s measures aimed at addressing economic challenges, particularly inflation, without resorting to direct intervention in currency markets.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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