Nigeria’s recent monetary and financial-sector reforms have restored investor confidence and strengthened the economy’s capacity to withstand external shocks, Olayemi Cardoso has said.
ENigeria Newspaper gathered this while the CBN governor was speaking at the Africa Capital Forum in London as part of the event highlight’s 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.
“Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence,” he said, adding that transparency, consistent communication, and institutional rigor remain top priorities under his leadership.
The CBN governor highlighted reforms in the foreign exchange market, noting that the new FX manual has eliminated many previous capital control measures, simplified trade and investment processes, and boosted market liquidity.
Cardoso also reported progress in the bank recapitalisation programme, saying more than 30 banks have met the new capital requirements while verification continues for the remaining institutions.
“About 28 per cent of investment in the recapitalisation came from foreign sources,” he added, reflecting renewed confidence in Nigeria’s financial stability.
He noted that diaspora remittances have grown significantly, helping to diversify Nigeria’s foreign exchange reserves and making them more resilient to global volatility.
“Inflation has fallen sharply, exchange-rate stability has improved, and reforms have positioned Nigeria’s economy for significant growth driven by domestic investment, oil-sector reforms, and renewed global trust,” Cardoso said.
He reiterated the Central Bank’s commitment to maintaining stability, ensuring transparency in the FX market, and providing consistent reporting.
“We will continue to maintain stability, not only on inflation, but in the FX market, with more transparency and consistent reporting,” he said.
Cardoso also noted that Nigeria’s economic reforms have shifted the nation’s priority from stabilization to investment attraction. He advised foreign investors to view Nigeria as “an economy to watch very closely” as its banking sector develops and its prospects for growth increase.
