Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed that the bank’s ongoing reforms are strategically aimed at stabilising the Nigerian economy, restoring investor confidence, and reducing inflation to single digits over the medium term.
He made these remarks during a fireside chat at the inaugural edition of the CBN Governor’s Lecture Series, held at Lagos Business School (LBS), Pan-Atlantic University.
The lecture, titled ‘Next Generation Leadership in Monetary Policy and Nation Building’, attracted students from tertiary institutions, academics, financial experts, and industry leaders.
Cardoso reflected on the economic challenges he inherited upon assuming office in 2023, including inflation peaking at nearly 35 per cent, depleted external reserves, and a fragmented foreign exchange market.
He explained that the CBN responded with aggressive monetary tightening, raising interest rates by over 800 basis points and implementing reforms to manage liquidity.
These measures, he said, have helped moderate inflation to around 20 per cent and contributed to a real GDP growth of 4.2 per cent in the second quarter of 2025, according to data from the National Bureau of Statistics.
He highlighted the successful clearance of a verified foreign exchange backlog estimated at over $7 billion, describing the effort as a major milestone achieved through transparency and credibility.
Cardoso noted that credibility is central to the operations of any central bank, noting that investor trust is built on integrity and consistent policy actions. He also pointed to the reintroduction of published financial statements, which had been suspended for several years, as a key measure of transparency.
The CBN’s audited accounts are now publicly available on its official website, in line with global best practices.
“When I assumed office, nearly every macroeconomic indicator was under stress,” Cardoso said. “We responded with aggressive tightening—raising interest rates by over 800 basis points—and implemented liquidity management reforms to stabilise the system.”
Cardoso discussed reforms in the foreign exchange market, including the adoption of a new electronic matching system that has improved transparency and reduced manipulation. He noted that the ability of Nigerians to use Naira debit cards abroad is one of the visible benefits of these reforms.
He also spoke about the expansion of financial inclusion, citing that mobile and agency banking access has increased from 56 per cent in 2020 to over 64 per cent in 2025, based on figures from EFInA. The CBN has also commenced the recapitalisation of banks to strengthen the financial system and ensure resilience against future shocks.
Beyond macroeconomic stability, Cardoso stressed the importance of creating opportunities for Nigeria’s youth, who represent the country’s largest demographic.
He highlighted the role of fintech and digital platforms in reshaping the future of payments, savings, credit, and investment. He urged young Nigerians to embrace credibility and integrity as foundational values for leadership and nation-building.
In her welcome address, Prof Olayinka David-West, Dean of Lagos Business School, praised the partnership with the CBN and described the lecture series as a platform for thought leadership and policy engagement.
She noted that since its establishment in 1991, LBS has played a vital role in bridging the gap between academia and industry.
Cardoso encouraged Nigerians to assess the CBN’s performance through the lens of independent evaluations, pointing to positive assessments from both local and international rating agencies.
He reiterated that the bank’s reforms are not about self-promotion but about building an institution that delivers measurable results and earns public trust.
