CBN Remains Resolute with Ongoing Reforms – Cardoso
The governor of Central Bank of Nigeria (CBN), Yemi Cardoso, has said there is no going back on rebuilding credibility through orthodox monetary policy, transparency and consistency.
At an engagement before the commencement of the International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings today, the CBN partnered with J.P. Morgan, the Nigerian Exchange Group (NGX) and Africa Private Capital Association (AVCA) to host a high-profile global forum at Nasdaq MarketSite in New York. The forum, titled ‘The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships’, hosted global investors, diaspora leaders and senior financial stakeholders to examine Nigeria’s macroeconomic prospects and ongoing reform progress. During his address, Cardoso outlined his comprehensive reform strategy encompassing monetary tightening, foreign exchange market transparency, and enhanced financial governance.
He emphasised that initiatives that have been taken so far under his leadership are aimed at establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.
“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated.
In a fireside chat between the governor and a Nobel Prize winner in economics, Dr James Robinson, Cardoso declared his intention to re-establish the CBN as a credible, trusted institution rooted in domestic excellence and respected internationally.
Deputy Governor for Economic Policy at the CBN, Muhammad Sani Abdullahi, delivered a macroeconomic update highlighting sharp increases in foreign exchange turnover, emerging signs of disinflation, and strengthening external reserves.
“With a market-determined exchange rate and a transparent, rule-based policy framework, confidence is gradually being restored to Nigeria’s economy,” he noted.
Welcoming participants to the forum, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, Dr Nkiru Balonwu, framed the forum as a key moment in the bank’s broader engagement strategy.
“Today is more than a conversation. It is about opening the books on the CBN’s transformation story under Cardoso – sharing the facts, interrogating the progress, and looking ahead together at what more can be done to build sustainable partnerships and unlock long-term capital,” she explained.
Another key highlight of the event was the panel discussion entitled ‘Repricing Nigeria: Assessing the Scope for Sustained Change.’
The CBN Board and Monetary Policy Committee were represented by US-based diaspora members, Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu. Temi Popoola, Group CEO of NGX, moderated the question-and-answer session, while Dr Olubokola Akinniyi, director of banking supervision at CBN, delivered the closing remarks.
The forum focused on substantive discussions and prospects such as engaging critical voices, evaluating progress, and identifying requirements for building lasting partnerships and attracting long-term capital.
