Governor of the Central Bank of Nigeria, Olayemi Cardoso, has stated that Nigeria’s ongoing financial and monetary reforms have significantly strengthened the economy and restored investor confidence.
Speaking at the Africa Capital Forum in London, held alongside the state visit of Bola Tinubu to the United Kingdom, Cardoso highlighted the impact of disciplined policies and institutional reforms across the financial sector.
“We have created stronger capacity to withstand shocks,” Cardoso said, noting that reforms introduced by the apex bank have improved transparency and liquidity in the foreign exchange market. He explained that a new FX manual has eliminated several restrictive capital controls while simplifying trade and investment processes.
The CBN Governor also unveiled plans for a new Payments System Vision, aimed at positioning Nigeria as a regional hub for digital and cross-border payments. According to him, the initiative will support financial inclusion and drive fintech innovation.
Cardoso disclosed progress in the ongoing bank recapitalisation exercise, revealing that more than 30 banks have already met the new capital requirements, while verification is ongoing for others. He added that about 28 per cent of the recapitalisation investments came from foreign sources, reflecting renewed confidence in Nigeria’s financial system.
He further highlighted the growing role of diaspora remittances in boosting foreign exchange reserves, helping to cushion the economy against global volatility.
Emphasising transparency, Cardoso said the CBN would maintain open communication and improve institutional performance to avoid past policy missteps. He also stressed the importance of collaboration with fintech operators to remove regulatory bottlenecks and expand financial inclusion.
The Governor underscored the need for synergy between fiscal and monetary authorities, noting that the inclusion of fiscal representatives on the CBN Board and Monetary Policy Committee ensures effective coordination for sustainable economic growth.
Cardoso pointed to key outcomes of the reforms, including easing inflationary pressures, improved exchange-rate stability, and a stronger banking sector.
“These reforms position Nigeria for significant growth, supported by domestic investment, oil-sector reforms, and renewed global trust,” he said.
He added that the apex bank is working toward a predictable policy framework that reduces uncertainty and provides clarity for investors, while maintaining stability in inflation and the foreign exchange market.
Cardoso concluded that Nigeria has moved from a phase of stabilisation to one focused on capital mobilisation, describing the country as “an economy to watch closely” as it strengthens its financial system and expands growth opportunities.
