Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso, has urged Nigerians to stay calm, assuring that the nation’s economic turmoil is easing as key monetary and fiscal reforms begin yielding results.
Speaking during the recent Monetary Policy Committee (MPC) meeting in Abuja, Cardoso said Nigeria’s economic trajectory is now on a path to stability, growth, and renewed global confidence.
Investor Confidence on the Rise
Dr. Cardoso highlighted that investor sentiment is improving, with financial markets responding positively to ongoing policy reforms. Global institutions like Fitch Ratings have also recognized Nigeria’s efforts, upgrading the country’s outlook and reaffirming its macroeconomic direction.
“Stability breeds confidence, and confidence invites investment,” he said, noting that reduced inflation and a more stable naira are clear indicators that reforms are working.
Cardoso addressed recent concerns about naira depreciation, stressing that Nigeria weathered recent global financial pressures better than many other countries.
“Thanks to proactive reforms, our reserve position improved dramatically, from just over $3 billion in net reserves to about $23 billion. These gains are the result of transparency and disciplined policy execution,” he explained.
The CBN boss emphasized the importance of diaspora inflows, setting an ambitious target of $1 billion monthly. Remittance numbers have already jumped from $200 million to over $600 million.
“By working closely with banks and regulators, we’ve created diaspora-friendly products and streamlined transfer channels. We’re clearing bottlenecks and allowing the private sector to lead,” Cardoso noted.
Cardoso revealed that Nigeria is now pushing forward with a secure pan-African payment system, allowing safe, fast, and transparent cross-border trade.
“With our currency now more competitive, Nigerian exporters have a significant opportunity to expand across the region,” he said.
On trust and institutional credibility, the Governor was candid: “Yes, there was a trust deficit. But we’re rebuilding. Publishing our audited financials is just one step. Our focus is transparency, consistency, and restoring confidence in the CBN.”
He added that removing Nigeria from the Financial Action Task Force (FATF) grey list will further enhance investor and diaspora trust.
CBN Not a Commercial Bank — Cardoso Clears Misconception
He also clarified the CBN’s role: “We are not a profit-driven entity like commercial banks. Our mandate is to ensure financial stability. Comparing our balance sheets with banks is misleading.”
Dr. Cardoso concluded by emphasizing that the reforms are ongoing but already bearing fruit: “This journey will take time, but the results are evident. Nigeria is stabilizing, investor interest is rising, and we are laying the groundwork for sustainable growth.”
