In this article, Joseph Inokotong informs that the Nasdaq Market Forum of the Central Bank of Nigeria (CBN) in New York, without a doubt, focused on substantive discussions and perspectives, involving critical voices, evaluating progress and identifying the requirements to build lasting associations and attract long -term capital.
The long -awaited spring meeting of the International Monetary Fund (IMF)/World Bank Group (WBG) in Washington, DC, has gone and left, but their traps will be advanced for a long time.
Every year, corporations, sovereign entities, individuals, including multilateral agencies, meet in the United States to discuss and offer solutions to economic problems that affect the global economy. Preparatory for the period manufacturing event, many financial organizations met with financial institutions and international partners to exchange points of view and ensure an acceptance of their economic policies.
This year it was no exception since the Central Bank of Nigeria (CBN) was not left behind. In anticipation of the FMI and WBG spring meetings, the CBN was associated with JP Morgan, the Nigerian Exchange Group (NGX) and the Private Capital Association of Africa (AVCA) to organize a global high -profile global forum in Nasdaq Marketsite in New York.
The forum, entitled: “Nigeria's investment agenda: Pathways for Growth & Global Associations,” summoned global investors, diaspora leaders and financial interested parties Senior to examine the macroeconomic perspectives and continuous progress of the Nigeria reform.
During his discourse to command, Olayemi Cardoso described his comprehensive reform strategy that covers the monetary adjustment, the transparency of the currency market and improved financial governance. He stressed that these initiatives are establishing the basis for sustainable macroeconomic stability and the announcement of a new era of transparency and trust.
Cardoso reaffirmed the unwavering commitment of the CBN to rebuild credibility through orthodox monetary policy, transparency and consistency. “We inherit a crisis of trust but we chose a different path. We are not going back,” he said decisively.
In a powerful talk by the fire between the governor of CBN and the winning economist of the Nobel Prize, Dr. James Robinson, the Reverend Richard L. Pearson, professor at the University of Chicago, the Governor Cardoso elaborated his vision to restore the CBN as a credible and reliable institution, rooted in the domestic excellence and internationally respected.
Mr. Muhammad Sani Abdullahi, vice governor of economic policy in the CBN, delivered a macroeconomic update that highlights the strong increases in the rotation of currencies, the emerging signs of disinflation and strengthened external reserves. “With an exchange rate determined by the market and a transparent policy framework based on rules, trust is gradually restored in Nigeria's economy,” he said.
Welcoming the participants to the forum, Dr. Nkiru Balonwu, advisor to the governor of CBN about the commitment of the interested parties and strategic communication, framed the forum as a key moment in the broader participation strategy of the bank. “Today is more than a conversation,” he said. It is about opening the books about the history of transformation of the CBN under the Governor Cardoso, sharing the facts, interrogating progress and looking to the future together in what can be done to build sustainable associations and unlock long -term capital, “he explained.
Another leading point of the event was the discussion panel entitled “Replaying Nigeria: Evaluation of the scope of a sustained change”. Moderate by Gavin Serkin, founder of New Markets Media & Intelligence. The panel presented global financial luminaries: Joyce Chang, president of Global Research in JPMorgan Chase; Jason Rekate, global corporate banking in Citi; Razia Khan, chief economist of Africa and the Middle East at Standard Chartered; and Ahmad Zuaiter, co -founder and Cio de Jadara Capital Partners.
Each panelist provided expert perspectives on Nigeria's investment scene, pointing out a renewed international interest promoted by the improved foundations, strengthened governance and the clearest policy direction.
The CBN Board and the Monetary Policy Committee were represented by members of the United States headquarters, Mr. Robert Agbede, Prof. Melvin Ayogu and Dr. Aloysius Ordu, underlining the global commitment of the bank and the commitment to take advantage of Nigerian talent worldwide. Temi Popoola, CEO of the NGX group, moderated the question and answers session, while Dr. Olubukola Akinniyi Akinwunmi, director of bank supervision at CBN, pronounced the final comments.
In addition to some of the problems with radiographs during the discussions of the forum, the implementation of the CBN FX/ EFEMS code is one of the strategic steps recently taken by the Apex bank to improve transparency and increase market confidence with the inauguration of the Nigeria exchange code (FX Code) in Abuja. Until now, the FX code has lit Naira's stability in official and parallel markets.
When the governor of CBN, Olayemi Cardoso, recently launched the FX code, emphasized integrity, justice, transparency and efficiency as critical pillars to boost the economic growth and stability of Nigeria. He stressed that the FX code was based on six basic principles: ethics, governance, execution, information exchange, risk management and compliance, as well as confirmation and liquidation processes.
These principles, he explained, aligned with international standards while addressing the unique challenges in the Nigeria currency market.
According to Cardoso, “the FX code represents a decisive step forward, establishing clear and enforceable standards for ethical behavior, transparency and good governance in our currency market. The era of opaque practices is over. The FX code marks a new era of compliance and responsibility. According to the 2007 CBN law and the 2020 Bofia Law, the violations will be met with penalties and administrative actions.” “The CBN declared that although everything possible to ensure that the FX code comprehensively addresses several aspects of market behavior and practice, does not intend to be exhaustive.
Cardoso also pointed out that the trip to market reform is already producing results. He said: “The year 2024 was marked by structural reforms that sought to return the Naira at a freely determined market price and facilitate volatility as several market distortions were eliminated.”
Beyond the currency market, the FX code is part of the renewed CBN approach in the fulfillment of the entire financial sector. Their six guiding principles, together with 52 sub -couples, were designed to become the reference point for behavior in all participating institutions. Issued as a guide for the currency market, the FX code is supported by the authority of the CBN Law of 2007 and the Law of Banks and other Financial Institutions (Bofia) of 2020.
These legislative instruments empowers CBN to establish and enforce the directives regarding the standards that financial institutions must continue in carrying out currency businesses in Nigeria. The FX Code, therefore, serves as an official directive that all market participants are expected to observe in their operations.
In addition to the FX Code, the Apex bank also introduced the currency interior electronic maroteo system (EFEMS), which has proven effective in other economies to improve the functionality of the currency market.
The EFEMS were destined to verify the distortions of the Forex market, eliminate speculative activities and instill transparency. It is common in developed and developing markets and offers real -time information about foreign exchange rates, commercial volumes and market activity.
The Nasdaq CBN market forum in New York undoubtedly focused on substantive discussions and perspectives: to involve critical voices, evaluate progress and identify the requirements to build lasting associations and attract long -term capital. The center of this effort is a clear objective: to restore the CBN as a credible and reliable institutions worldwide and dedicated to excellence at home.