The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has emphasized that the naira has become a stable, reliable, and more competitive payment system for trade across the West African region.

Speaking at a press conference on Tuesday following the Monetary Policy Committee's 300th meeting in Abuja, Cardoso attributed the currency's stability to the apex bank's reform initiatives implemented over the past 18 months.

"Our currency is now more competitive, and with a safe and reliable payments system, trade across the region can flourish without the usual risks," Cardoso stated. "This should encourage more exports if we continue in the trajectory. I am very optimistic."

The naira stood at ₦1,598.68 per dollar at the official foreign exchange market as of Tuesday, reflecting what the CBN Governor described as sustained stability resulting from recent monetary policies.

Cardoso further revealed that members of the Monetary Policy Committee have urged the bank to maintain implementation of ongoing reforms to further strengthen the economy, particularly given the relative stability in the foreign exchange market.

The CBN recently decided to retain Nigeria's interest rate at 27.50 percent amid signs of inflation decline, a move that analysts suggest is aimed at balancing economic growth with price stability.

Economic experts note that a stable naira could potentially attract more foreign investments and boost confidence in Nigeria's financial markets, which have faced significant challenges in recent years due to currency volatility and inflationary pressures.

The CBN's focus on creating a more competitive currency environment appears aligned with broader government efforts to position Nigeria as a stronger player in regional trade across West Africa.