CBN cheers naira as recovery gains ground
The Central Bank of Nigeria has emphasized that stronger coordination between monetary and fiscal authorities is vital for sustaining the nation’s current economic recovery. Deputy Governor Emem Usoro, represented by Acting Director Hakama Sidi Ali, outlined significant macroeconomic improvements at a recent conference. These gains include a decline in inflation to 16.05 percent, a more stable exchange rate, and external reserves exceeding 46 billion dollars.
Prof. Ken Ife, an economic strategist with the ECOWAS Commission, advised currency hoarders to sell their dollars to avoid losses from the naira’s ongoing rebound. He pointed to the substantial foreign reserves and growing foreign investor interest as indicators of a sustainable currency recovery. Usoro attributed these positive outcomes to a return to orthodox monetary policy and enhanced corporate governance, though she noted that persistent effort is still required.
The CBN’s Lagos Branch Controller, represented by Anthony Adamu, also stressed the necessity of fiscal and monetary policies working in tandem to achieve price stability and drive inclusive economic growth. The discussion aligned with a 2025 GDP growth projection of 4.17 percent, attributed to ongoing fiscal reforms and improved non-oil sector performance.
