The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has outlined the bank’s reforms aimed at stabilizing the economy, restoring confidence, and reducing inflation to single digits in the medium term. Speaking at the inaugural lecture series at the Lagos Business School, Cardoso emphasized the challenges of stabilizing the nation’s economy and the progress made through hard work and credibility.
The lecture, themed “Next Generation Leadership in Monetary Policy and Nation Building,” marked the launch of the CBN Governor’s Lecture Series and was attended by students, academics, bankers, and industry experts. Cardoso explained the ongoing reforms and achievements over the last two years, geared towards stabilizing the economy and restoring investor confidence. He noted that interest rates and the foreign exchange market were areas of concern, but the bank had made significant strides in addressing these challenges.
Cardoso highlighted the crisis of access to foreign exchange when he assumed office two years ago and the efforts made to restore sanity, transparency, and credibility through stringent reforms. He emphasized the importance of credibility in winning people’s trust and investor confidence, citing the ability of citizens to use Naira debit cards abroad as one of the benefits of the reforms.
The CBN governor also mentioned the publication of the bank’s financial statements, a practice that had been suspended for several years, and the adoption of a new electronic matching system to eliminate sharp practices. Additionally, he noted the bank’s efforts to create opportunities for young people, particularly in areas like financial inclusion and support for small and medium-scale businesses.
Cardoso’s reforms have yielded positive results, including a moderation of inflation from almost 35% to about 20%, and a real GDP expansion of 4.2% in the second quarter. The bank has also strengthened reserves, now standing above $42 billion, and expanded mobile and agency banking to underserved communities.
The partnership between the CBN governor and the Lagos Business School aims to foster thought leadership, policy engagement, and in-depth discourse between academia and industry. As the Nigerian economy continues to face challenges, the CBN’s reforms and initiatives are crucial in restoring confidence and driving growth. With a focus on credibility, transparency, and innovation, the bank is poised to play a key role in shaping the nation’s economic future.
