Nigeria’s foreign exchange market is rebounding as reforms by Central Bank Governor Olayemi Cardoso strengthen the naira and restore investor trust – www.naijnaira.com reports.
Under his leadership, the CBN scrapped multiple exchange rates, cleared a $7 billion forex backlog, and reopened international spending for naira debit cards.
Banks including UBA, FirstBank, GTBank, and Wema have reactivated global transactions, a move driven by improved liquidity and higher foreign inflows.
Gross reserves have climbed above $40 billion, while net reserves jumped from $3.99 billion to $23.11 billion in just over a year.
Cardoso credits the turnaround to “deliberate policy choices aimed at rebuilding confidence and laying the foundation for long-term stability.”
Analysts say stronger oil revenues, increased remittances, and transparent market practices are keeping speculative pressures low.
With IMF support and fiscal coordination, experts believe Nigeria is entering a more stable and investment-friendly economic era.
Article updated 3 hours ago. Content is written and modified by multiple authors.
