Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has stated that Nigerians are beginning to regain confidence in the naira, marking a notable shift in public sentiment towards the national currency.
Speaking at the conclusion of the 301st Monetary Policy Committee (MPC) meeting held on Tuesday, Cardoso attributed the positive outlook to ongoing stability in the foreign exchange market and increased transparency in FX operations.
“Most importantly, Nigerians are having greater confidence in our currency,” he said while addressing the media.
At the meeting, the MPC voted unanimously to maintain the Monetary Policy Rate (MPR) at 27.5%, a decision driven by a continued slowdown in inflation, which stood at 22.22% in July.
This marks the third consecutive time the MPC has held the interest rate steady, having done the same in February and May 2025.
Earlier predictions by economist Bismarck Rewane suggested a potential 25 basis point cut in this month’s MPC, citing global inflation trends and domestic disinflation. The Manufacturers Association of Nigeria (MAN) also expressed hope for a rate cut, which they believed would support industrial growth.
Meanwhile, Nigeria’s economy continues to grow, with the rebased Gross Domestic Product (GDP) reaching ₦372.8 trillion in 2024, according to recent data.
