The governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that the bank’s recent reforms have helped restore confidence in the nation’s financial sector.
Speaking at a global forum held at Nasdaq MarketSite in New York on Thursday, Cardoso made this known over the weekend in a formal statement.
Appearing alongside Nobel Prize-winning economist Dr James Robinson and Reverend Richard L. Pearson, a professor at the University of Chicago, Cardoso outlined a broad reform agenda that includes monetary tightening, improved foreign exchange market transparency, and stronger financial governance.
He highlighted that these efforts are laying the groundwork for lasting macroeconomic stability, while also ushering in a new era of trust and openness in financial policy.
Cardoso reaffirmed the CBN’s commitment to restoring its credibility through consistent, transparent, and orthodox monetary policies.
“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated firmly.
Meanwhile, the CBN’s Deputy Governor for Economic Policy, Mr. Muhammad Abdullahi, provided a macroeconomic update that pointed to a notable rise in foreign exchange turnover. He explained that this is a sign of easing inflationary pressure and a strengthening of external reserves.
“With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” Abdullahi said.
The Q&A session at the forum was moderated by Temi Popoola, Group CEO of NGX, while closing remarks were delivered by Dr. Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at the CBN.
This event served as a precursor to the International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings, which are set to begin on Monday, April 21, 2025.