CBN bold reforms have raised investors’ confidence in Nigeria — Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the apex bank’s reforms have returned confidence in the country’s financial sector.

In a statement at the weekend, Cardoso disclosed this at a global forum at Nasdaq MarketSite in New York on Thursday.

In his address alongside Nobel Prise-winning economist Dr James Robinson and Reverend Richard L. Pearson, Professor at the University of Chicago, Cardoso outlined his comprehensive reform strategy encompassing monetary tightening, foreign exchange market transparency, and enhanced financial governance.

He emphasised that the initiatives are establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.

Governor Cardoso reaffirmed the CBN’s unwavering commitment to rebuilding credibility through orthodox monetary policy, transparency, and consistency.

“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated decisively.

On his part, Mr Muhammad Abdullahi, Deputy Governor for Economic Policy at the CBN, delivered a macroeconomic update highlighting sharp increases in foreign exchange turnover, which indicates signs of disinflation, and strengthening external reserves.

“With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” he noted.

Also, Temi Popoola, Group CEO of NGX, moderated the Q&A session, while Dr Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at CBN, delivered the closing remarks.

The forum comes as a buildup to the International Monetary Fund (IMF) and World Bank Group (WBG) Spring meetings commencing Monday, April 21, 2025.