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Naira Declared Best Performing Currency Globally

The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has announced that the Naira has been declared the best-performing currency globally as of April 2024.

Cardoso stated that the achievement is the result of a series of foreign exchange market reforms that have positively impacted the Nigerian economy.

Recall that the Naira faced challenges in March, but in April, it made an impressive recovery, gaining a whopping 45 per cent.

The increased liquidity in the FX market has instilled confidence among investors, businesses, and partners, facilitating smoother transactions within Nigeria’s FX markets.

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However, the CBN’s Boss was cautious and acknowledged persistent challenges, including elevated inflation driven by rising food prices, transportation costs, and energy expenses.

Cardoso added that the CBN has implemented policy reforms to address the listed pressures, and while celebrating early successes, it remained mindful of ongoing challenges.

He stressed that the pathway involved collaboration with key stakeholders, including investors, banks, businesses, and counterparts on the fiscal side.

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