Nigeria’s economy is now stronger and better positioned to withstand global economic shocks, according to Central Bank of Nigeria Governor Olayemi Cardoso .
Speaking at the Africa Capital Forum in London on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso said the financial system is being strengthened through disciplined monetary policies and institutional reforms .
He explained that the CBN is reviewing its policy framework to make decisions more predictable and reduce uncertainty for investors, with the goal of developing clear, consistent and meaningful policies rather than relying on discretion .
Cardoso disclosed that the apex bank has completed work on a new Payments System Vision for Nigeria, which will soon be launched to position the country as a major player in digital payments and cross border transactions across Africa .
On the foreign exchange market, he said transparency and liquidity have improved, noting that a new FX manual has removed several previous restrictions and made it easier for businesses and investors to operate .
He also gave an update on the ongoing bank recapitalisation programme, stating that more than 30 banks have already met the new capital requirements, while verification is still in progress for others .
According to Cardoso, about 28 percent of the funds raised in the recapitalisation process came from foreign investors, which he described as a sign of growing confidence in Nigeria’s financial system .
He added that diaspora remittances have risen significantly, helping to strengthen and stabilise Nigeria’s foreign exchange reserves despite global economic volatility .
Cardoso said the CBN’s focus going forward is to protect the stability that has been achieved so investors and stakeholders can plan with greater confidence .
On digital finance, he noted that the bank is working closely with Nigerian fintech companies to remove regulatory bottlenecks and encourage innovation that will deepen financial inclusion in Nigeria and across Africa .
He stressed the importance of stronger coordination between monetary and fiscal authorities, saying their closer collaboration is essential for sustaining economic growth .
Cardoso pointed out that including fiscal authorities on the CBN Board and the Monetary Policy Committee has already improved policy alignment and cooperation .
He said inflation has eased, exchange rate stability has improved and ongoing reforms have shifted the economy from a stabilisation phase to one focused on attracting investment and driving growth .
The CBN governor pledged to maintain stability in both inflation and the FX market through more transparency and consistent reporting, while remaining vigilant to keep price pressures under control .
He said reforms in the oil sector, stronger local investment and renewed global trust have positioned Nigeria for better economic performance in the coming years .
Cardoso urged international investors to see Nigeria as an economy to watch closely as its banking system strengthens and new growth opportunities open up .
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