Bismark Rewane, a prominent economist and Chief Executive of Financial Derivatives, has declared that Nigeria’s currency, the naira, is showing signs of stability. Speaking on Channels Television’s Business Morning on Thursday, he credited the Central Bank of Nigeria’s policy discipline and enhanced transparency in the foreign exchange market for the naira’s improved performance.
“The currency is strengthened,” Rewane explained, pointing to the Central Bank’s shift towards explicit inflation targeting and a clearer, more open FX market. He added: “If we didn’t have that by now, Nigeria’s inflation data would be frightening… But right now everybody seems to align that the Nigerian economy is leaping its way out of crisis” .
Rewane’s remarks coincided with the release of June inflation figures showing a steep drop to 22.22 per cent. He suggested that this trend may allow the Central Bank to reduce its benchmark interest rate, currently set at 27.50 per cent, by about 25 basis points at the upcoming Monetary Policy Committee meeting.
According to Rewane, the foreign-exchange spread is now within a manageable N50 margin, which he said “means the naira is now fairly priced”.
On inflation, Rewane warned that while headline figures are improving, structural issues—particularly within core and food inflation—remain pressing concerns . “The downward trend may be due to base-year effects,” he noted, urging continued vigilance.
In sum, Rewane painted a cautiously optimistic picture: the naira is stabilising, inflation appears to be moderating, and a measured policy pivot may be on the horizon. Yet, he emphasised that the recovery remains fragile, underpinned by reforms that must be sustained beyond headline figures.
