CBN Reaffirms Commitment To FX Stability As Naira Trades At N1,585/$.
The Central Bank of Nigeria (CBN) has reiterated its commitment to ensuring stability in the foreign exchange market as the naira continues to fluctuate, trading at N1,585 per dollar in the parallel market.
Over the past few days, the naira has traded between N1,550 and N1,590 in the unofficial market, while at the official Nigerian Foreign Exchange Market (NFEM), it currently stands at N1,538 per dollar. This has widened the gap between the two rates to over N40 per dollar, raising concerns over market arbitrage.
Investor Confidence on the Rise
Despite these challenges, CBN Governor Yemi Cardoso remains optimistic about Nigeria’s economic prospects. Speaking during a visit by scholars from the Harvard Kennedy School (HKS) as part of their Africa Trek initiative, Cardoso highlighted ongoing efforts to stabilise the market and curb inflation.
He noted that recent visits by top executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) reflect growing investor confidence in the Nigerian economy.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” Cardoso stated.
Strengthening Policy Engagement
The scholars’ visit to the CBN headquarters in Abuja brought together 50 students from 19 countries, including representatives from the Harvard Kennedy School, Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University.
As an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, Cardoso emphasised the importance of intellectual collaboration and long-term partnerships to strengthen trust and policy development.
“As we reset the bank, we are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” he said.
Africa Trek’s First Visit to the CBN
The Africa Trek initiative, which facilitates direct interactions between emerging global leaders and policymakers across the continent, made its first-ever visit to the CBN.
Delegation leaders, including Adaora Ndukwe, President of the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), and Sheffy Kolade, the HKS Nigeria Trek Delegation Lead, expressed appreciation to the CBN for hosting the group.
They praised the bank’s commitment to engaging with future policymakers and offering valuable insights into Nigeria’s economic landscape.
The Africa Trek programme provides a platform for in-depth discussions on governance, innovation, economic development, and financial stability, fostering collaboration between global scholars and African policymakers.
With the CBN’s continued focus on stabilising the economy and fostering investor confidence, the visit served as an opportunity to strengthen Nigeria’s economic outlook and policy direction.
