Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced a $6 billion increase in the country’s foreign reserves in 2024, attributing the growth to the sweeping policy reforms implemented under his leadership.
Speaking on Thursday, Cardoso highlighted the CBN’s efforts to stabilize the macroeconomic environment and restore trust despite significant challenges. He emphasized that transparent engagement with stakeholders—ranging from local communities to international partners—enhanced Nigeria’s credibility on the global stage while addressing domestic economic issues.
Key reforms lauded by Cardoso include clearing $7 billion in verified foreign exchange (FX) commitments, discontinuing quasi-fiscal interventions, and unifying the nation’s multiple exchange rate systems.
The CBN also introduced innovative measures across various sectors, including the FX market, remittances, financial inclusion, diaspora engagement, compliance, and private sector growth. “We prioritized increasing investor confidence, enhancing financial market efficiency, and driving innovation,” Cardoso said in a series of tweets on his X (formerly Twitter) handle.
“These efforts resulted in over $6 billion in foreign capital inflows in 2024, with external reserves surpassing $40 billion, reflecting renewed confidence in Nigeria’s economy,” he added.
Looking ahead, Cardoso pledged that the CBN would build on this momentum in 2025 by implementing sound monetary policies, strengthening regulatory frameworks, and advancing initiatives aimed at broad-based prosperity.
Reflecting on 2024, Cardoso described it as a transformative period marked by bold decisions and significant progress. He noted that prior to the reforms, Nigeria faced severe challenges, including surging inflation, exchange rate distortions, unsustainable deficit financing, and practices that eroded market confidence.
Reaffirming the CBN’s commitment to fostering a resilient and inclusive economy, Cardoso said the bank’s focus will remain on three pillars: price stability, financial system resilience, and inclusive growth.
“Our vision is clear,” he stated. “We aim to be a trusted and respected Central Bank that promotes confidence in the Nigerian economy and contributes to a stable, inclusive, and competitive nation. Achieving a $1 trillion economy remains our aspiration.”