Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said recent monetary and financial sector reforms have significantly strengthened Nigeria’s ability to withstand external shocks while restoring investor confidence.
Speaking at the Africa Capital Forum in London on Tuesday during the state visit of President Bola Ahmed Tinubu to the United Kingdom, Cardoso told investors and development partners that disciplined policies and institutional reforms have enhanced the country’s economic resilience.
He noted that Nigeria’s foreign exchange market now operates with greater transparency and liquidity, supported by a new FX framework that has removed several capital controls and simplified trade and investment procedures.
The CBN Governor also disclosed that the Bank has finalised a new Payments System Vision, set for launch soon, aimed at positioning Nigeria as a regional hub for digital and cross-border payments.
On banking sector reforms, Cardoso reported notable progress in the recapitalisation programme, revealing that over 30 banks have already met the new capital requirements, with verification ongoing for others. He added that about 28 per cent of the recapitalisation funding came from foreign investors, reflecting renewed confidence in Nigeria’s financial system.
He further highlighted a significant rise in diaspora remittances, which has helped diversify and strengthen the country’s foreign exchange reserves against global volatility.
“Our focus going forward is to safeguard the hard-earned stability achieved so that investors and stakeholders can plan with confidence,” he said.
Cardoso assured that the apex bank would maintain transparency, improve communication, and uphold higher standards to avoid past policy missteps.
Addressing digital finance, he said the CBN is working closely with Nigeria’s fintech ecosystem to remove regulatory bottlenecks and support innovation that drives financial inclusion across Africa.
He also stressed the importance of synergy between fiscal and monetary authorities, noting that the inclusion of fiscal representatives on the CBN Board and Monetary Policy Committee enhances the coordination needed for sustainable growth.
According to him, inflation has declined, exchange rate stability has improved, and ongoing reforms have positioned Nigeria’s economy for sustained growth driven by domestic investment, oil sector reforms, and renewed global confidence.
“We will continue to ensure stability in inflation and the FX market through greater transparency and consistent reporting,” he added, while assuring that the Bank remains vigilant in managing inflationary pressures.
Cardoso concluded that Nigeria’s macroeconomic reforms have moved the country from a phase of stabilisation to capital mobilisation, urging investors to see Nigeria as an economy with strong growth potential and an increasingly resilient banking system.
He added that the Bank is reviewing its policies to establish a more predictable framework that reduces discretion and supports long-term economic planning.