Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has stated that recent monetary and financial-sector reforms have enhanced Nigeria’s capacity to withstand external shocks while restoring investor confidence.
Speaking at the Africa Capital Forum in London on the sidelines of President Bola Ahmed Tinubu’s state visit, Cardoso highlighted that disciplined policy measures and institutional reforms have created a more resilient financial system.
He noted that the foreign exce market now enjoys greater transparency and liquidity, supported by a new FX manual that simplifies trade and investment processes and removes previous capital controls. Cardoso also announced the near-finalisation of the new Payments System Vision for Nigeria, aimed at positioning the country as a regional hub for digital and cross-border payments.
Regarding the bank recapitalisation programme, he said over 30 banks have met the new capital requirements, with verification ongoing for the rest. About 28 per cent of investment in the recapitalisation came from foreign sources, demonstrating renewed international confidence in Nigeria’s financial ility.
Cardoso further highlighted growth in diaspora remittances, which have helped diversify foreign exce reserves and increased resilience to global volatility. He pledged transparency and continuous communication to maintain investor trust and prevent past policy missteps.
On digital finance, the Governor noted that the CBN is collaborating with fintech firms to remove regulatory bottlenecks and support innovations that promote financial inclusion across Africa. He also emphasized coordination between fiscal and monetary authorities as critical for sustainable growth, including the involvement of fiscal representatives on the CBN Board and Monetary Policy Committee.
Cardoso reported that inflation has declined sharply, exce-rate ility has improved, and reforms have positioned Nigeria for significant growth driven by domestic investment, oil-sector reforms, and renewed global trust. He concluded that the CBN is reviewing policies to develop a predictable framework that supports meaningful and sustainable financial growth.
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