The Naira lost massively against major currencies in the past few months, but has rebounded in recent weeks.
Speaking on Saturday at a briefing on the sidelines of the just-concluded Spring Meetings of the World Bank/IMF in Washington DC, United States, the CBN Governor insisted the CBN’s foreign exchange reforms are paying off.
“April saw the naira emerge as the best-performing currency globally, supported by bullish sentiment from leading international investment institutions”, Channels Television quoted the CBN Governor as saying.
Cardoso added: “Our FX market is experiencing robust activities with turnover reaching levels not seen in over seven years.
“This liquidity boost instills confidence among investors, businesses, and other partners, ensuring fluidity in their interactions with Nigeria’s FX markets.”
“However, we remain vigilant, recognizing the challenges that persist, such as elevated inflation driven by rising food prices, transportation costs, and energy expenses. We note that inflation though rising is doing so at a decelerated rate and we are confident will soon commence a fall.”
He further added: “Security concerns in food-producing regions and infrastructure challenges also demand attention.
“The CBN has implemented a number of policy reforms to address some of these various pressures and, while I am confident enough today to talk about some of our early success, I am at the same time extremely mindful of our ongoing challenges.
“We still have work to do in solving all our problems, however, we do have a determined pathway and a sequenced approach to tackling all challenges ahead, working hand in hand with our key stakeholders including investors, banks, businesses, and, notably, our counterparts on the fiscal side.”