The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that Nigeria’s economy is now more resilient and better positioned to absorb global financial shocks, citing recent reforms that have restored investor confidence.
Speaking at the Africa Capital Forum in London on Tuesday, during President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso highlighted the apex bank’s deliberate efforts to strengthen the country’s financial system through disciplined monetary policies and institutional reforms.
Brandspur Banking News Desk reports that Cardoso emphasised the importance of predictable policies to reduce uncertainty for investors. “We have created stronger capacity to withstand shocks. We are reviewing our policies with a view to developing meaningful measures and establishing a predictable policy framework to minimise discretion,” he stated.
The CBN Governor also announced the completion of a new Payments System Vision for Nigeria, set to be launched soon, aimed at boosting digital payments and cross-border transactions across Africa.
On developments in the foreign exchange market, Cardoso noted improved transparency and liquidity, adding that the new foreign exchange manual has removed several previous restrictions, simplifying operations for businesses and investors. He also updated on the ongoing bank recapitalisation programme, confirming that over 30 banks have met the new capital requirements, with 28 per cent of funds raised coming from foreign investors, signalling growing international confidence.
Diaspora remittances have increased significantly, strengthening Nigeria’s foreign exchange reserves and improving stability against global economic fluctuations. Cardoso assured that the CBN will maintain transparency, regular communication, and adherence to higher standards to avoid past policy missteps.
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Cardoso further highlighted cooperation with fintech companies to remove regulatory bottlenecks and support innovations that expand financial inclusion across the continent. He also underscored the need for closer collaboration between monetary and fiscal authorities, noting that the inclusion of fiscal authorities in the CBN Board and the Monetary Policy Committee has enhanced policy coordination.
Inflation control, exchange rate stability, and ongoing reforms, according to Cardoso, have positioned Nigeria for stronger economic growth driven by local investment, oil sector reforms, and renewed global trust. “We will continue to maintain stability, not only in inflation but in the FX market, with more transparency and consistent reporting,” he said.
Concluding his address, the CBN Governor urged global investors to view Nigeria as “an economy to watch very closely,” citing the strengthened banking system and expanding growth opportunities.
