Cardoso vows to sustain CBN reforms
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has stated that he will sustain the apex bank’s commitment to restore credibility in its operations through orthodox monetary policy, transparency and policy consistency. The CBN governor noted that the key policy reforms undertaken under his watch were to address a crisis of […]
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has stated that he will sustain the apex bank’s commitment to restore credibility in its operations through orthodox monetary policy, transparency and policy consistency.
The CBN governor noted that the key policy reforms undertaken under his watch were to address a crisis of confidence, upon his assumption of office in 2023.
Cardoso spoke during a fireside chat at a high-level global forum, hosted by the apex bank in collaboration with JP Morgan and Nigerian Exchange Group (NGX), at the NASDAQ MarketSite in NYC, ahead of the IMF & World Bank Spring Meetings in Washington DC, USA.
He said, “We inherited a crisis of confidence, but we chose a different path. We’re not turning back.”
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Cardoso spoke alongside Nobel Prize-winning economist, Dr James Robinson, and Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts, Reverend Richard L. Pearson.
The forum, titled, ‘The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships,’ convened global investors, diaspora leaders and senior financial stakeholders to discuss Nigeria’s macroeconomic outlook and reform progress.
Led by Cardoso, the CBN detailed its 18-month reform agenda, from monetary tightening and FX market transparency to stronger financial governance.
The central bank governor stressed that these reforms are laying the groundwork for long-term macroeconomic stability and signaling a new era of transparency and confidence.
At the centre of the engagement was a reasserting of the CBN’s role as a credible, trusted institution, respected globally and committed to excellence at home.
The CBN Deputy Governor, Economic Policy Directorate, Muhammad Sani Abdullahi, who also spoke at the event, provided a macroeconomics update, stating that FX turnover had risen sharply, amid early disinflation signals.
He said the country’s external reserves were strengthening, noting that with a market-determined exchange rate and a transparent, rule-based policy framework, confidence was gradually being restored in Nigeria’s economy.