Nigeria’s economy rebounding as CBN reforms stabilise FX, inflation — Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says ongoing monetary reforms are beginning to yield results, with the economy showing signs of recovery, inflation moderating, and investor confidence returning.

Cardoso stated this during a fireside chat at the inaugural CBN Governor’s Lecture Series held at the Lagos Business School (LBS), themed “Next Generation Leadership in Monetary Policy and Nation Building.”

The event drew participants from academia, financial institutions, and the business community.

Speaking on the bank’s reform agenda, Cardoso highlighted efforts to stabilise the foreign exchange market, curb inflation, and strengthen the credibility of the apex bank. He said the CBN’s target is to bring inflation down to single digits in the medium term.

“When I assumed office in 2023, the economy faced severe headwinds — high inflation, low investor confidence, and depleted reserves. Through coordinated reforms, we have restored transparency, credibility, and stability,” he said.

He noted that the CBN cleared a verified foreign exchange backlog of over $7 billion and introduced technological tools, including an electronic matching system, to promote transparency in FX transactions.

Cardoso added that the apex bank’s decision to resume the publication of its financial statements — after years of suspension — was part of its commitment to accountability and public trust.

He emphasised that credibility and transparency have been central to the reforms, saying, “People invest where there is integrity and trust. That’s what we’re rebuilding.”

According to him, the reforms have improved access to foreign exchange, allowing citizens to use Naira debit cards abroad, while inflation, which once peaked at 35 per cent, has declined to about 20 per cent.

He also revealed that Nigeria’s foreign reserves now stand above $42 billion, with real GDP growing by 4.2 per cent in the second quarter, signalling a rebound in economic activity.

Cardoso outlined additional achievements, including the expansion of mobile and agency banking, which increased financial inclusion from 56 per cent in 2020 to over 64 per cent in 2025, and the ongoing recapitalisation of banks to strengthen the financial system.

He urged young Nigerians to uphold integrity and credibility in leadership, noting that “the country’s greatest asset is its next generation.”

In her welcome address, Prof. Olayinka David-West, Dean of Lagos Business School, commended the CBN’s partnership with the institution in promoting thought leadership and deepening public understanding of monetary policy.

She said the lecture series would serve as a platform for bridging academia and policy, fostering dialogue on issues critical to Nigeria’s economic development.