The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says the bank’s ongoing reforms are designed to stabilise the economy, rebuild investor confidence, and reduce inflation to single digits in the medium term.
Speaking during a fireside chat at his inaugural lecture at the Lagos Business School, themed “Next Generation Leadership in Monetary Policy and Nation Building,” Cardoso said credibility, transparency, and policy consistency were central to the CBN’s success so far.
“When I assumed office two years ago, the foreign exchange market was in crisis. Through bold and transparent reforms, we restored sanity and investor confidence,” he said.
Cardoso highlighted key achievements including clearing a verified foreign exchange backlog of over $7 billion, publishing the CBN’s financial statements after years of suspension, and adopting electronic systems to eliminate sharp practices in FX transactions.
He noted that under his leadership, Nigeria’s external reserves rose above $42 billion, while inflation once near 35% has moderated to about 20%. Real GDP, he added, expanded by 4.2% in the second quarter of 2025.
On financial inclusion, the CBN expanded mobile and agency banking coverage from 56% in 2020 to 64% in 2025, and began recapitalising banks to build a stronger, more resilient financial system.
Cardoso emphasised that credibility remains the foundation of monetary policy: “People invest where there is integrity, transparency, and trust. That is what we are rebuilding.”
He urged Nigerian youths to embrace credibility and innovation, describing them as the nation’s greatest asset for future development.
