Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has said that the current reforms in the economy are bolstering the naira and giving Nigeria a stronger voice on the global financial stage.

Speaking at the G-24 media briefing held on the sidelines of the ongoing IMF-World Bank Annual Meetings in Washington DC, he highlighted the country?s strategic engagement with the Group of 24 (G-24) and outlined steps being taken to ensure macroeconomic stability while modernizing the nation?s digital currency ecosystem and eNaira.

Cardoso represented Wale Edun, Nigeria?s Minister of Finance and Coordinating Minister of the Economy, as G-24 Vice Chair.

He said: ?We?re part of a global framework that seeks to address social inequalities, maintain balance, and correct macroeconomic disorders,? Cardoso said. ?Maintaining domestic finances in order is critical. It reduces the burden on governments and ensures that our policies deliver sustainable growth for Nigerians.?

The G-24, currently chaired by Pablo Quirno of Argentina, coordinates developing nations? positions on key monetary and development issues, particularly in relation to the International Monetary Fund and the World Bank. Its mandate is to represent the interests of emerging economies in global financial discussions, advocating for policies that expand access to financing, ensure fair taxation, and strengthen economic resilience.

Cardoso explained that Nigeria?s engagement is not just ceremonial. ?The G-24 is a body with shared interests. We regularly meet with the IMF Managing Director and World Bank representatives to understand global challenges. These dialogues are continuous and the insights we gain are instrumental in shaping our domestic economic strategies,? he said.

Cardoso highlighted Nigeria?s resilience in the face of global financial pressures.

?Interest rates and tariffs have posed minimal challenges for us. We?ve created buffers that shield the economy. Oil was more exposed, but it was managed effectively. Today, we enjoy a trade surplus of six percent of GDP and a competitive currency that positions Nigeria to grow even further.?

Cardoso also addressed the eNaira, Nigeria?s digital currency. ?We?re recalibrating our digital currency landscape, with a focus on the eNaira. Adoption has not been as robust as we hoped, but that doesn?t mean we will abandon it. With our currency strengthening, the eNaira remains a critical tool for financial inclusion and modern payments.?

On Nigeria?s global influence, he added, ?Under Argentina?s leadership in the G-24, we?ve advanced our cause and secured a meaningful seat at the table of Bretton Woods institutions. Our voice now contributes to shaping global financial policy in favor of emerging economies.?

Cardoso also stressed the importance of combining domestic fiscal discipline with active global participation. ?By keeping our finances sound and engaging meaningfully on the international stage, Nigeria is turning global participation into tangible economic benefits. From strengthening our currency to modernizing our financial systems, we?re laying the groundwork for sustainable, inclusive growth.?

Nigeria?s approach, as Cardoso emphasized, balances strong domestic fundamentals with strategic global engagement, ensuring the country not only survives in a complex international financial environment but thrives. (Daily Sun)

Update news