Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says his two years in office have been “rough” but also marked by “stability, transparency and restored confidence” in the financial system.
On September 22, 2023, Cardoso, who was nominated by
President Bola Tinubu, was confirmed by the senate as governor of the apex
bank.
Speaking on the second anniversary of his appointment at the
CBN monetary policy committee (MPC) press briefing on Tuesday, Cardoso
reflected on the reforms since 2023, noting that Nigeria had moved from a
period of profound macroeconomic instability to a more stable footing.
“My two years in office have been rough, especially in the
early days when things were in a very bad situation in terms of the macros.
Foreign exchange was difficult, investors had taken flight, and confidence in
the naira had collapsed,” Cardoso said.
“But we have moved forward in stabilising the economy. The
reforms we have undertaken have been open, transparent and are now producing
results. The numbers speak for themselves.”
Cardoso pointed to the steady growth of the country’s
foreign exchange reserves, which recently crossed $42 billion for the first
time since 2019, and improved ratings from global agencies as evidence of
progress.
He also highlighted efforts to build a more transparent and
inclusive FX system.
“Today, you don’t need to know anybody to get your
transactions done. Foreign exchange now goes where it is meant to go – openly
and transparently. That credibility is increasingly being recognised
internationally,” he said.
The CBN governor added that ongoing reforms, including
measures to stabilise the exchange rate, broaden access to FX, and deepen
financial inclusion, are laying the foundation for stronger growth.
Cardoso further stressed the importance of “thought leadership”
at the CBN, saying the institution must remain a reference point for monetary
policy in Africa.
“We must be at the forefront of thought leadership as
pertains to matters that affect our economy. Nigerians should be able to rely
on decisions of the central bank, because they are based on global best
practice and deep expertise,” he said.
Looking ahead, the CBN governor said Nigerians can expect
“greater ease of access to FX, improved stability, and stronger collaboration
with fiscal authorities” as the apex bank consolidates on its reforms.
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