The Business NG - July 07, 2025

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BusinessNG Editorial Focus – July 7, 2025
Headline: FX Access Restored, Trust Still Missing

The recent resumption of international transactions on naira-denominated cards by several Nigerian banks has sparked a wave of public reaction—ranging from cautious optimism to lingering skepticism. While the move signals a level of stability returning to the foreign exchange market, it also underscores the deep trust deficit that exists between financial institutions, policymakers, and the Nigerian public.

After months of FX restrictions, the restoration of dollar access is a welcome relief for businesses, students, and frequent travelers. However, many Nigerians remain unconvinced that the Central Bank of Nigeria’s (CBN) reforms are sustainable. Memories of abrupt policy reversals, liquidity crunches, and inconsistent communication continue to haunt stakeholders.

This development highlights a core challenge for the CBN: credibility. Confidence cannot be rebuilt solely through temporary measures or market interventions. It requires a long-term commitment to transparency, policy consistency, and structural reforms that go beyond exchange rate management.

As FX flows improve and banks regain the capacity to support international transactions, the CBN must seize the moment to rebuild trust. Without it, the benefits of reform will be undermined by fear, hesitation, and the shadow of past failures. Nigeria needs stability—not just in its currency, but in its institutions.