Business
‘Naira To Stabilise As CBN Sustains Interventions’
President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has said that the nation’s currency would remain stable in the months to come as the CBN sustains its interventions.
Gwadabe told newsmen in Lagos last Thursday that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators.
The ABCON chief said that recent trading of the Naira against the dollar has shown that the true value of the Naira hovers between N360 and N365 at the parallel market.
The financial expert said that since the apex bank began aggressive intervention at the nation’s foreign exchange market, exchange rate spikes have disappeared into oblivion.
According to him, since the apex bank rightly recognised the critical role the BDCs are playing in exchange rate stability, the market started experiencing the convergence of rates across board.
He recalled that towards the end of 2016 and early in the year, pundits held that the naira was already onboard the depreciation plane.
Gwadabe explained that it was not surprising to see the enemies of the Naira brandishing several prophesies that the Naira would exchange for about N1000 to the dollar.
He described the calculated interventions of the apex bank since February as one of the greatest onslaughts to the camp of currency speculators in the recent past.
Gwadabe explained that the apex bank had been taking the right decisions in opening various windows for meeting the several FOREX needs of Nigerians.
Our source reports that following the liberalisation of the nation’s foreign exchange market, the CBN had injected an excess of 7.8 billion dollars to the market.
Since the apex bank began its aggressive campaign against speculators, the Naira had continued to appreciate from N520 to the dollar in February to around N365 to the dollar presently.
Though some experts have expressed concern on the sustenance of the CBN’s intervention, the bank’s chief executive, Mr Godwin Emefiele, has left no one in doubt of the capability of the bank to drive its interventions to a logical conclusion.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.