Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, says ongoing reforms by the apex bank are designed to stabilise the economy, rebuild confidence, and drive inflation down to single digits in the medium term.
Cardoso stated this during a fireside chat at his inaugural lecture series, themed “Next Generation Leadership in Monetary Policy and Nation Building”, hosted by the Lagos Business School. The event drew academics, bankers, students, and industry leaders.
Reflecting on the challenges that greeted his assumption of office in 2023, he noted that the economy was under pressure from high inflation, depleted reserves, and weak investor confidence. “Credibility is at the heart of any central bank. To win trust, promises must be kept,” he said, stressing that transparency and consistency had been central to the CBN’s policy drive.
He recalled how the bank tackled an FX backlog estimated at over $7 billion, restored access to foreign exchange markets, and strengthened liquidity management through aggressive tightening, raising rates by more than 800 basis points.
Cardoso highlighted other reforms, including the publication of the CBN’s long-suspended financial statements, adoption of electronic matching systems to curb sharp practices in FX trading, and policies that strengthened external reserves above $42 billion.
On inclusivity, he said the CBN had expanded mobile and agency banking in underserved communities, pushing financial access from 56 per cent in 2020 to over 64 per cent in 2025, alongside recapitalisation moves to boost resilience in the banking sector.
He added that inflation, which peaked near 35 per cent, has moderated to around 20 per cent, while GDP growth rose by 4.2 per cent in Q2 2025, signaling renewed momentum.
Cardoso emphasised that beyond macroeconomic stability, reforms must also create opportunities for young people, particularly in financial inclusion and SME financing. He also underlined the role of fintech in shaping the future of payments, savings, credit, and investments.
The CBN Governor urged Nigerians to look beyond political rhetoric to independent assessments, noting that both local and international rating agencies have positively reviewed the bank’s progress under his leadership.
Earlier, Lagos Business School Dean, Prof. Olayinka David-West, commended the lecture initiative, describing it as a platform to deepen public understanding of monetary policy and strengthen engagement between policymakers and academia.
