Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), says ongoing reforms by the apex bank are targeted at stabilising the economy, restoring investor confidence and reducing inflation to single digits in the medium term.
Cardoso spoke on Friday during a fireside chat at his inaugural lecture series held at the Lagos Business School, themed “Next Generation Leadership in Monetary Policy and Nation Building.”
The lecture, which marked the launch of the CBN Governor’s Lecture Series, drew participants from academia, banking, industry and tertiary institutions.
Cardoso outlined challenges he met on assumption of office in 2023, including depleted reserves, high inflation, weak investor confidence and limited access to foreign exchange. He said credibility, transparency and resilience had helped to restore order in the financial system.
“The idea is to ensure that in the medium term we achieve single-digit inflation,” he said, adding that reforms in interest rates, liquidity management and foreign exchange helped rebuild trust.
He recalled how the apex bank cleared a verifiable FX backlog of over seven billion dollars, stressing that promises must be kept to sustain investor confidence. He also noted that the CBN had resumed publishing its financial statements after years of suspension and introduced electronic systems to curb sharp practices in the foreign exchange market.
Cardoso highlighted progress made in financial inclusion, with mobile and agency banking access increasing from 56 per cent in 2020 to over 64 per cent in 2025. He added that Nigeria’s reserves now stood above 42 billion dollars, while new channels for diaspora remittances and investments had been created.
On inflation, he said rates that peaked near 35 per cent had moderated to about 20 per cent, while GDP growth expanded by 4.2 per cent in the second quarter, signalling renewed economic momentum.
He said the CBN was also positioning fintech and digital platforms to reshape payments, credit, savings and investments, while bank recapitalisation was underway to build a stronger financial system.
Earlier, Cardoso urged Nigerian youths to embrace credibility and integrity, describing them as the nation’s greatest assets for future development.
Prof Olayinka David-West, Dean of Lagos Business School, in her welcome remarks, praised the partnership with the CBN Governor, noting that the initiative would deepen public understanding and foster stronger links between policy and academia.
(NAN)