Nigeria’s recent monetary and financial reforms have strengthened the economy’s capacity to withstand external shocks and restored investor confidence, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Tuesday.
Speaking at the Africa Capital Forum in London on the sidelines of President Bola Tinubu’s state visit to the United Kingdom, Mr. Cardoso said disciplined policy and institutional changes had delivered greater transparency and liquidity in the foreign exchange market. He said a new FX manual has removed many previous capital controls and simplified processes for trade and investment.
Cardoso announced that the CBN has finalised a new Payments System Vision for Nigeria, to be launched soon, designed to position the country as a regional leader in digital and cross-border payments. He said the bank is also working closely with the country’s fintech sector to tackle regulatory and operational bottlenecks and expand financial inclusion.
On bank balance sheets, the governor reported “significant progress” in the recapitalisation programme, with more than 30 banks meeting the new capital requirements and verification ongoing for the remainder. He said about 28 percent of recapitalisation investment came from foreign sources, a sign of renewed confidence in Nigeria’s financial stability.
Cardoso credited growing diaspora remittances with helping to diversify foreign-exchange reserves and improve resilience to global volatility. “Our focus going forward is to protect the hard‑earned stability we have accomplished so investors and stakeholders can plan with confidence,” he said, adding that the CBN will remain open, transparent and communicative.
The governor said inflation has fallen sharply and exchange-rate stability has improved since the reforms. He described the nation’s macroeconomic trajectory as moving from stabilisation to capital mobilisation and urged continued close coordination between fiscal and monetary authorities, noting that fiscal representatives sit on the CBN board and the Monetary Policy Committee.
Cardoso stressed that management is reviewing policies to establish a predictable framework that reduces discretionary action and supports sustainable growth driven by domestic investment and oil‑sector reforms.
He said the CBN would stay vigilant on inflation and maintain stability in the FX market through greater transparency and consistent reporting.
