Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has described his first two years at the helm as a challenging yet transformative period marked by restored confidence, transparency, and financial stability.
Confirmed by the Senate on September 22, 2023, following nomination by President Bola Tinubu, Cardoso took office during a turbulent time for Nigeria’s economy. At Tuesday’s Monetary Policy Committee (MPC) press briefing, marking his second anniversary, the governor reflected candidly on the hurdles and progress since 2023.
“My tenure began in rough waters,foreign exchange was scarce, investor confidence had fled, and the naira was under severe pressure,” Cardoso said. “But through open and transparent reforms, we have steadily moved towards stabilising the economy. The results are clear.”
He pointed to Nigeria’s foreign exchange reserves surpassing $42 billion, the highest level since 2019, alongside improved sovereign credit ratings from international agencies as tangible evidence of the country’s improving economic health.
Significantly, Cardoso emphasized the transformation of the FX market into a transparent and inclusive system where transactions are conducted openly, eliminating previous barriers linked to connections or insider access.
“Today, foreign exchange flows where it is meant to go, openly and transparently. This credibility is gaining international recognition,” he added.
The governor highlighted ongoing efforts to stabilise the exchange rate, broaden FX accessibility, and deepen financial inclusion as foundational to Nigeria’s future economic growth.
Looking beyond, Cardoso underscored the need for the CBN to remain a leading voice in monetary policy across Africa, ensuring decisions are guided by global best practices and technical expertise.
“We must be thought leaders, providing Nigerians with policy decisions they can trust and rely upon,” he said.
As the bank consolidates reforms, Nigerians can expect greater ease of FX access, improved currency stability, and stronger coordination with fiscal authorities, Cardoso promised.
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