Nigeria’s economy is rebounding as the Central Bank of Nigeria’s ongoing reforms continue to stabilize the foreign exchange market, curb inflation, and restore investor confidence.
CBN Governor Olayemi Cardoso disclosed this during a lecture at the Lagos Business School, where he reflected on the state of the economy when he assumed office and the progress made since. He said the bank inherited a difficult situation marked by multiple exchange rates, a backlog of over 7 billion dollars in unmet FX obligations, and rising inflation, but firm policy actions have started yielding results.
Cardoso explained that measures such as exchange rate unification, electronic FX matching systems, and the clearance of inherited backlogs have helped restore transparency and market confidence. He emphasized that the CBN’s policies are designed to ensure stability while creating a foundation for sustainable growth.
He also highlighted improvements in Nigeria’s foreign reserves, rising FX inflows, and narrowing gaps between official and parallel market exchange rates as key indicators of progress. “Our goal is to bring inflation down to single digits through credible and consistent policies,” he said.
Cardoso further noted that the publication of CBN financial statements, resumed after several years of suspension, demonstrates the bank’s renewed commitment to transparency and accountability.
He stressed that the ongoing reforms complement broader fiscal and legal frameworks such as the NIIRA 2025 and ISA 2025, which aim to deepen market stability and align Nigeria’s economy with international standards.
According to Cardoso, Nigeria is transitioning from crisis management to long-term economic growth, with the CBN’s policy mix focused on credibility, transparency, and investor trust. He assured that while the short-term effects of reform may be tough, the long-term gains will strengthen the economy and enhance global competitiveness.
