Nigeria’s National Security Adviser (NSA), Mallam Nuhu Ribadu, has been credited with playing a critical role in stabilising the country’s currency during a period of intense economic pressure.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, made this known during a high-level security engagement held in March, jointly organised by the CBN and the Office of the National Security Adviser.
Mr. Cardoso explained that the NSA was instrumental in mobilising key government agencies to tackle the multifaceted threats undermining the Naira and the broader financial system.
“I really want to commend the commitment of the National Security Adviser,” Cardoso said.
“I want to say something that perhaps has not been said before, for various reasons. At a particularly challenging time—about a year ago—when the currency situation was becoming very difficult, we approached the NSA. There were several developments we did not fully understand at the time.
“He took it upon himself to convene a coalition of relevant agencies—the security forces, EFCC, Customs, and the CBN. I recall vividly that on a Sunday afternoon, under his leadership, we all met at his office for an extensive discussion.
“Mr. President was out of the country at the time. Upon his return the following day, we presented our findings to him. What followed from that engagement contributed significantly to the stability we are now witnessing. And I must stress that when I speak of stability, I mean genuine, sustained stability.”
Before the NSA’s intervention, Nigeria faced serious challenges to currency stability. These included volatile global oil prices, widespread crude oil theft and pipeline vandalism, reduced dollar inflows, hoarding, and rampant speculative trading in foreign exchange markets.
Mr. Cardoso further expressed his appreciation for the consistent support the CBN has received from the NSA’s office.
“The support we have received from the NSA’s office has been pivotal to our currency’s recovery. It has been truly invaluable, and we remain deeply grateful to Mallam Ribadu and his team for their unwavering cooperation,” he said.