Nigeria’s financial reforms have strengthened shock resistance, investor confidence — CBN

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By Babajide Komolafe

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Governor of the Central/ Bank/ of/ Nigeria (CBN), Mr./ Olayemi/ Cardoso, has said that Nigeria’s recent monetary and financial-sector reforms have built a stronger capacity to withstand external shocks and restored confidence in the economy.

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Speaking at the Africa/ Capital/ Forum in London on Tuesday on the sidelines of President/ Bola/ Ahmed/ Tinubu’s state visit to the United/ Kingdom, Cardoso told investors and development partners that the Central/ Bank had “created stronger capacity to withstand shocks” through disciplined policy and institutional reforms.

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According to the Governor, Nigeria’s foreign exchange market now enjoys far greater transparency and liquidity, with a new FX manual eliminating many former capital control measures and simplifying trade and investment processes.

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Cardoso reported significant progress in the bank recapitalisation programme, noting that more than/ 30/ banks have met the new capital requirements, with verification ongoing for the rest. “About/ 28/ per cent of investment in the recapitalisation came from foreign sources,” he said, adding that the outcome reflected renewed confidence in Nigeria’s financial stability.

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He further explained that diaspora remittances had grown significantly, helping diversify the country’s foreign exchange reserves, which are now more resilient to global volatility.

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“Our focus going forward is to protect the hard-earned stability we have accomplished so investors and stakeholders can plan with confidence,” he said.

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He added that the CBN under his leadership would remain open and transparent, provide constant communication, and raise the bar of the people’s expectations, to guard against past missteps.

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Cardoso confirmed that inflation had fallen sharply, exchange-rate stability had improved, and reforms had positioned Nigeria’s economy “for significant growth driven by domestic investment, oil-sector reforms, and renewed global trust.”

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“We will continue to maintain stability, not only on inflation, but in the FX market, with more transparency and consistent reporting,” he said.

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