The rally the naira had enjoyed since the beginning of the year seems to have ended, perhaps in the short run as the domestic currency falls closer to N1,600/$ at the parallel market.
In the past few days, the currency traded between N1,550 and N1,590. It currently trades around N1,585/$.
According to data obtained from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM), it trades around N1,538/$ at the official market.
With this, the difference between the official and unofficial rates is over N40/$, raising concern about the widening market arbitrage.
But the Central Bank of Nigeria (CBN) said it is committed to sustaining the foreign exchange (FX) market stability.
Welcoming a delegation of scholars from the Harvard Kennedy School (HKS) as part of their Africa Trek, which included visits to Ghana and Nigeria, the CBN governor, Yemi Cardoso, admitted that there are indeed challenges confronting the Nigerian economy.
However, he highlighted the progress made in stabilising the market and curbing inflation.
Cardoso noted that recent visits by top executives from JP Morgan, Citi Bank and the International Monetary Fund (IMF) were indicators of growing investors’ confidence in Nigeria’s economy.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
He also reiterated the bank’s commitment to fostering intellectual engagement and policy-driven solutions.
The scholars’ visit to the CBN headquarters in Abuja brought together 50 students from 19 countries, including representatives from the HKS, Harvard Business School, 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 emphasized the value of exchanging ideas and fostering partnerships to strengthen trust and understanding.
“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 stated.
The president of HKSAAN, Adaora Ndukwe, and HKS Nigeria Trek Delegation Lead, Sheffy Kolade, expressed appreciation to the CBN for hosting the delegation.
They commended the bank’s commitment to engaging with future policymakers and providing invaluable first-hand insights into the country’s evolving economic landscape.
The Africa Trek initiative fosters direct interactions between emerging global leaders and key policymakers across the continent.
Through engagements with visionary leaders, it provides a platform for in-depth discussions on governance, innovation, economic development, financial stability and the role of central banking in national development.
The visit marked the first time the Africa Trek delegation would visit the CBN.
