Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has pledged to work harder to preserve the benefits of recent economic reforms and achieve single-digit inflation.
Speaking at a press briefing in Washington, D.C., alongside Finance Minister Wale Edun following the World Bank and IMF Spring Meetings, Cardoso accepted that the reforms have been challenging but termed their success as moving Nigeria from a fragile economy to a more resilient one while attracting greater international investor confidence.
Emphasizing inflation reduction as a priority, Cardoso stressed the CBN’s commitment to stabilizing prices to protect household incomes and foster long-term economic growth. He credited 18 months of policy measures for strengthening Nigeria’s monetary reserves and improving its capacity to manage external shocks, noting that current macroeconomic stability stems from these efforts.
In his briefing, Cardoso said key reforms include adopting a market-driven exchange rate system for the naira, which has narrowed the gap between official and parallel market rates, reduced speculation, and increased transparency. This stability has spurred foreign capital inflows through formal channels, diversifying Nigeria’s foreign exchange earnings beyond oil.
The deficit balance of payments for the year 2024 will be 6.83 billion dollars, reflecting increases in exports of funds traded in the internationally controlled economy and an increase in investment trust.
Celebrating the approval of global partners and diaspora stakeholders at the Spring Meetings, Cardoso stated that Nigeria is gaining a perception as an emerging economy undergoing serious reforms.
While stating CBN’s achievements to date, Cardoso promised not to be overly complacent and bluntly emphasized that the bank would redouble efforts to protect the positive trends and ensure enduring stability.
WHAT YOU SHOULD KNOW
Governor Cardoso’s remarks at the 2025 Spring Meetings reflect a cautious, optimistic outlook for Nigeria’s economy, underpinned by 18 months of bold monetary and exchange rate reforms.
The achievements—a stabilized naira, robust reserves, a balance of payments surplus, and growing investor confidence—demonstrate progress toward macroeconomic stability.
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