By: OBSERVERS TIMES.
Washington, D.C. – The Central Bank of Nigeria (CBN) has pledged to intensify its efforts to solidify recent reform gains and drive inflation down to single digits, Governor Olayemi Cardoso declared. He emphasized that Nigeria is increasingly being recognized as a burgeoning economic powerhouse.
Speaking alongside Finance Minister Wale Edun at the conclusion of the World Bank and IMF Spring Meetings in Washington D.C., Cardoso acknowledged the challenges of the reforms but highlighted their positive impact on Nigeria’s economic resilience and investor confidence.
“Thanks to the steps taken over the past 18 months, we have strengthened our monetary buffers and positioned Nigeria to better withstand external shocks,” Cardoso stated. “The macroeconomic stability we are beginning to see today would not have been possible without these decisive actions.”
The CBN Governor stressed the bank’s unwavering focus on curbing inflation. “Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” he asserted, aiming to “restore price stability, protect household purchasing power, and lay the foundation for long-term investment.”
Cardoso also pointed to the success of the market-driven foreign exchange regime, noting the stabilization of the naira and the near-elimination of the gap between official and parallel market rates. He highlighted the growth of Nigeria’s external reserves, now exceeding $38 billion, and the country’s $6.83 billion balance of payments surplus in 2024.
“Nigeria is increasingly recognized as a rising economic force, admired for the resolve shown in implementing difficult but necessary reforms,” Cardoso concluded, vowing to “redouble our efforts to ensure these positive trends are sustained.”
