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By Babajide Komolafe
Governor of the Central/ Bank/ of/ Nigeria (CBN), Mr./ Olayemi/ Cardoso, has said that Nigeria’s recent monetary and financial-sector reforms have built a stronger capacity to withstand external shocks and restored confidence in the economy.
Speaking at the Africa/ Capital/ Forum in London on Tuesday on the sidelines of President/ Bola/ Ahmed/ Tinubu’s state visit to the United/ Kingdom, Cardoso told investors and development partners that the Central/ Bank had “created stronger capacity to withstand shocks” through disciplined policy and institutional reforms.
According to the Governor, Nigeria’s foreign exchange market now enjoys far greater transparency and liquidity, with a new FX manual eliminating many former capital control measures and simplifying trade and investment processes.
Cardoso reported significant progress in the bank recapitalisation programme, noting that more than/ 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,” he said, adding that the outcome reflected renewed confidence in Nigeria’s financial stability.
He further explained that diaspora remittances had grown significantly, helping diversify the country’s foreign exchange reserves, which are now more resilient to global volatility.
“Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence,” he said.
He added that the CBN under his leadership would remain open and transparent, provide constant communication, and raise the bar of the people’s expectations, to guard against past missteps.
Cardoso confirmed that inflation had fallen sharply, exchange-rate stability had improved, and reforms had positioned Nigeria’s economy “for significant growth driven by domestic investment, oil-sector reforms, and renewed global trust.”
“We will continue to maintain stability, not only on inflation, but in the FX market, with more transparency and consistent reporting,” he said.