By Anastasia John E
ABUJA – The Central Bank of Nigeria (CBN) is implementing policies designed to prepare the banking sector for a $1 trillion economy, according to CBN Governor Olayemi Cardoso.
Speaking at the Monetary Policy Forum 2025 in Abuja on Thursday, Cardoso emphasized the CBN’s commitment to a forward-looking, adaptive, and resilient monetary policy. He highlighted the new minimum capital requirements for banks, effective March 2026, as a key measure to strengthen the sector and position it for the ambitious economic goal.
“This week, the CBN launched the Nigeria Foreign Exchange Code, marking a decisive step forward for integrity, fairness, transparency and efficiency in our FX market,” Cardoso stated. He explained that the code, based on six core principles, aims to rebuild trust and confidence in the financial community.
Cardoso also underscored the CBN’s focus on financial inclusion, citing the Women Entrepreneurs Finance (We-FI) initiative as a key program under the National Financial Inclusion Strategy. He noted the 79.4% increase in remittances through International Money Transfer Operators (IMTOs) to US$4.18 billion in the first three quarters of 2024, attributing the growth to positive FX reforms. The lifting of the 2015 restriction on 41 items from accessing FX at the official market was also mentioned as a measure to boost trade and investment.
“These reforms and developments reflect the Bank’s commitment to creating an enabling environment for inclusive economic development,” Cardoso said.
He acknowledged that achieving macroeconomic stability requires continuous vigilance and a proactive monetary policy. “As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” he concluded.
