CBN Governor Cardoso Says Reforms Are Restoring Confidence, Repositioning Economy

|Babatunji Wusu-

-Cardoso Says CBN’s Reforms Have Rekindled Confidence in Nigeria’s Financial Sector
–Apex Bank Targets Long-Term Stability Ahead of IMF, World Bank Spring Meetings

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says ongoing reforms under his leadership have restored investor confidence and are laying the foundation for long-term macroeconomic stability.

Speaking at the Nasdaq MarketSite in New York on Thursday, Cardoso addressed a global audience alongside Nobel Prize-winning economist Dr. James Robinson and Professor Richard L. Pearson of the University of Chicago. The CBN governor declared that the apex bank’s reform strategy is ushering in a new era of financial transparency, discipline, and governance.

“We inherited a crisis of confidence but chose a different path. We’re not turning back,” Cardoso said firmly.

The forum, held ahead of the IMF and World Bank Group Spring Meetings scheduled to begin Monday, April 21, 2025, offered a platform for Cardoso to outline the CBN’s three-pronged reform agenda:

• Monetary policy tightening

• Foreign exchange market transparency

• Improved financial governance

He reiterated the CBN’s resolve to rebuild credibility through orthodox policies and rule-based systems, which he said are already yielding results.

Joining the conversation, Muhammad Abdullahi, CBN Deputy Governor for Economic Policy, highlighted signs of recovery, including an increase in foreign exchange turnover, strengthening external reserves, and early signs of disinflation.

“With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” Abdullahi stated.

The session was moderated by Temi Popoola, Group CEO of the Nigerian Exchange Group (NGX), while Dr. Olubukola Akinniyi Akinwunmi, CBN’s Director of Banking Supervision, delivered the closing remarks.

Cardoso’s appearance at the high-level international forum further reinforced the CBN’s position ahead of the global financial meetings, as Nigeria seeks to attract foreign investments and deepen trust in its financial system.