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CBN Not Defending Naira With Foreign Reserves — Cardoso
The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.
He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.
Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.
Cardoso said: “Defending the naira seems to be a prevalent theme. Let me be very clear: it is not our intention to defend the naira.”
He acknowledged recent discussions on declining reserves, but argued that “defending the naira goes against our core philosophy and policy. We want a naira that performs based on market forces, as long as we have a vibrant foreign exchange market.”
Cardoso, who acknowledged the past reliance on Bureau De Change (BDCs) to meet forex needs for essential purposes, like education and travel, said the bank has shifted towards a market-driven approach.
“The recent changes in our reserves are not for defending the naira”, the CBN boss clarified, adding “they are for settling obligations that were due. After all, that’s the primary purpose of holding foreign reserves.”
He highlighted the importance of collaboration with the federal government, particularly regarding fiscal policy. “Monetary policy is just one side of the coin. We need a strong handshake with the fiscal authorities he stated.”
The governor pointed out to specific examples of cooperation, such as advocating for the release of fertilizer reserves held by the previous administration to enhance food production and address food inflation, which he acknowledged falls outside the direct purview of the CBN.
“The issue of Ways and Means [borrowing by the government from the CBN] is no longer an issue,” Cardoso declared, indicating a key point of contention has been addressed.
The CBN governor defended his decision to embrace orthodox central banking practices, which included a substantial interest rate hike of 600 basis points within a short period. He acknowledged the difficulty of the decision but insisted that it is necessary to build confidence in the naira.
Cardoso pledged increased communication with Nigerians and stakeholders to manage expectations.
“We want Nigerians to be realistic. The Monetary Policy Committee (MPC) has consistently explained the rationale behind our actions,” the CBN boss asserted.
He promised to strengthen communication channels and utilize various platforms to improve transparency.
Expressed satisfaction with the early results of his policies, he said: “Within two months of taking office, the naira was considered the worst performing currency globally. Within six months, it became the best performing.”
Cardoso stressed the importance of trust in achieving policy objectives.
“Boldness alone is not enough,” he cautioned, adding that “without trust, even the most well-intentioned policies will underperform. There seems to be a disconnect between public expectations and the realities of what the CBN can achieve.”
James Faleke, a member of the House of Representatives and founder of the Tinubu Support Group (TSG), has officially picked up the All Progressives Congress (APC) presidential nomination forms for President Bola Tinubu’s 2027 re-election bid.
The forms, which include the Expression of Interest and Nomination forms, were obtained on April 28, 2026, following a payment of ₦100 million. This move effectively kicks off the President’s campaign for a second term.
The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.
The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.
INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026.
More details later…
The Nigerian Naira maintained a steady yet cautious position against the US Dollar as the market opened for trading today, Tuesday, April 28, 2026.
Financial analysts are observing localised fluctuations in liquidity across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market segments.
Official Market (NFEM) Activity
In the early trading hours of the official window, the Naira showed resilience, trading at approximately 1,360.19 NGN per 1 USD. This follows a trend of minor adjustments as the FMDQ Securities Exchange records ongoing transactions from institutional buyers and sellers. The rate has seen slight volatility since the market opened, moving from an initial 1,359.23 NGN to its current level as demand and supply forces seek a daily equilibrium.
The Central Bank of Nigeria continues to monitor the official window closely, ensuring that the transparency of the “willing buyer, willing seller” model supports price discovery while mitigating drastic shocks to the local currency.
Parallel Market Trends
The informal parallel market continues to operate at a premium, reflecting the immediate retail demand for the greenback. In major cities such as Lagos, Kano, and Port Harcourt, currency dealers are quoting the Dollar between 1,480 NGN and 1,495 NGN.
The gap between the NFEM and the parallel market remains a focal point for economic observers, as it often indicates the level of unmet demand in the official sectors. Traders in the parallel market suggest that small-scale importers and individual travelers are the primary drivers of the current activity in the informal sector this morning.
Factors Affecting Today’s Rate
Today’s market performance is being influenced by several key macroeconomic factors. Global oil prices remain a significant driver, providing the necessary foreign exchange reserves to support the Naira. Additionally, internal market liquidity is being shaped by the clearance of corporate foreign exchange backlogs and seasonal demand for international payments.
As the day progresses, participants expect the market to remain within the current range unless there is a significant intervention or a shift in global market sentiment. Stakeholders are advised to keep track of the closing rates later today to gauge the definitive performance of the Naira for the midweek trading period.
Lagos State Governor Babajide Sanwo-Olu has officially endorsed his deputy, Dr. Obafemi Hamzat, as his preferred successor for the 2027 governorship election.
The announcement was made on Monday, April 27, 2026, during a meeting at the Lagos House, Marina, where Hamzat formally declared his intention to run.
In the past few weeks, Hamzat has received widespread endorsement from political and community leaders across the state during his various consultative visits.
Recall that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, had expressed support for Hamzat’s governorship bid.
Also, the Chief of Staff to the President, Femi Gbajabiamila; Senator representing Lagos East, Tokunbo Abiru; and former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and other stakeholders have endorsed Hamzat’s gubernatorial bid.
Details shortly…
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