March 18, (THEWILL) — The governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says Nigeria’s recent monetary and financial sector reforms have strengthened the economy’s ability to withstand external shocks and restored investor confidence.
Speaking at the Africa Capital Forum in London, on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso noted that disciplined policy implementation and institutional reforms have enhanced market stability and transparency.
According to the Governor, Nigeria’s foreign exchange market now operates with greater liquidity and openness, following the introduction of a new FX manual that simplifies trade and investment processes. He also announced the finalisation of a Payments System Vision for Nigeria, aimed at positioning the country as a regional hub for digital and cross-border payments.
Cardoso reported that the bank recapitalisation programme has seen more than 30 banks meet the new capital requirements, with verification ongoing for the rest, and that 28 percent of recapitalisation investments came from foreign sources, reflecting renewed confidence in Nigeria’s financial system.
He highlighted strong diaspora remittance inflows that have helped diversify foreign reserves, and said the CBN’s policies have contributed to a notable decline in inflation, improved exchange-rate stability, and positioning Nigeria for significant growth driven by domestic investment and oil-sector reforms.
On the Bank’s digital finance agenda, Cardoso said the CBN is working closely with the fintech sector to address regulatory bottlenecks and promote financial inclusion across Africa. He also stressed the importance of fiscal-monetary coordination, noting that representatives of fiscal authorities on the CBN Board and Monetary Policy Committee ensure policies support sustainable growth.
Cardoso concluded that Nigeria is shifting from stabilisation to capital mobilisation, with predictable, transparent policies that make the country an attractive investment destination.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
