The Central Bank of Nigeria (CBN) has said that its monetary and foreign exchange reforms in the last two years have restored the confidence of investors, stabilized the NAIRA and established the bases for long -term growth.
Governor Olayemi Cardoso, delivering the key note in the P Lagos Business School
Leadership conference on Friday, he recalled the precarious economic situation he inherited in 2023 when inflation was spiral, the reservations tensed and the confidence of the investors had collapsed.
“It was a moment that demanded not only technical skill, but leadership rooted in courage, credibility and responsibility. We had to act decisively,” he said.
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According to him, the CBN increased the rates by more than 800 basic points to address inflation, stopped the overflow of the Central Bank beyond the legal limits, unified the exchange rate and cleared a portfolio of foreign exchange obligations.
The Apex bank also strengthened the reserves, now above $ 42 billion, and launched new channels for the diaspora remittances.
The results, Cardoso said, are beginning to show. Inflation, which had reached its maximum point about 35 percent, has moderated at approximately 20 percent. GDP grew 4.2 percent in the second quarter of 2025, capital tickets are recovering and Nigerian’s sovereign credit perspective has improved.
“These changes suggest more than a cyclical adjustment. They mark the contours of a development turning point where investors are being rebuilt and Nigeria is positioned for structural renewal,” he said.
The governor of CBN, however, warned that profits must be translated into lasting prosperity. “This is only the beginning. The real task is to ensure that these hard improvements are translated into jobs, stability and long -term growth for the next generation,” Cardoso added.
Previously in his welcome speech, Professor Olayinka David-West, Lagos Business School, Pan Atlantic University, said that the series of conferences of the governor of CBN is an emblematic platform and part of the initiative for the acceleration of knowledge and leadership of thought of the governor, which is fundamental for the strategy of the Central Bank to deepen public understanding and strengthening of the policy of the policy monetary.
He recalled that two years ago, at the Senate Confirmation Hearing, the governor, Mr. Olayemi Cardos.
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