CBN Governor, Mr. Olayemi Cardoso, has reiterated that the reforms being implemented by the Central Bank of Nigeria are aimed at stabilizing the economy, restoring investor confidence, and achieving single-digit inflation in the medium term.
He made this statement while answering questions during a fireside chat at his inaugural lecture series at the Lagos Business School (LBS) on Friday. The lecture, themed “Next Generation Leadership in Monetary Policy and Nation Building,” also marked the launch of the CBN Governor’s Lecture Series. The event drew students from various tertiary institutions, academics, bankers, and industry experts.
Cardoso discussed the challenges of stabilizing the nation’s economy and emphasized that credibility and hard work have been critical in steering the country toward positive growth. Highlighting achievements over the past two years, he explained how ongoing reforms have been designed to restore investor confidence and bring inflation under control.
“The idea is to ensure that in the medium term we achieve single-digit inflation,” he said.
He acknowledged that interest rates and the foreign exchange market remain areas of concern, recalling the severe challenges in FX access when he assumed office two years ago. Through stringent reforms, the CBN restored transparency, credibility, and sanity in the market.
“Credibility is at the heart of any central bank to win people’s trust and investor confidence,” Cardoso noted, citing reforms that now allow citizens to use Naira debit cards abroad. He also emphasized the importance of fulfilling promises, citing the clearance of a verifiable FX backlog of over $7 billion as an example of achieving results through transparency and resilience.
The governor highlighted other key reforms, including the resumption of publishing CBN’s financial statements—a practice suspended for several years—and the use of technology to enhance transparency, such as the adoption of a new electronic matching system for market activities.
Beyond macroeconomic stability, Cardoso stressed the importance of vision building for the next generation, particularly in areas like financial inclusion and support for small and medium-sized enterprises. He urged youths to embrace credibility and integrity, noting that these are essential for long-term economic growth.
He explained that when he assumed office in 2023, Nigeria’s economy faced high inflation, depleted external reserves, low investor confidence, and weak macroeconomic indicators. Aggressive policy tightening, including an increase in interest rates by over 800 basis points and strengthened liquidity management, has helped address these challenges.
Other reforms include strengthening external reserves, which now exceed $42 billion, creating new channels for diaspora remittances and investments, expanding mobile and agency banking from 56% in 2020 to over 64% in 2025, and recapitalizing banks to ensure a resilient financial system.
“Nation’s inflation, which peaked at almost 35%, has moderated to about 20%, and real GDP expanded by 4.2% in Q2, signaling a re-emergence of growth momentum,” Cardoso said, while also highlighting the growing role of fintech and digital platforms in reshaping payments, credit, savings, and investments.
Prof. Olayinka David-West, Dean of Lagos Business School, delivered a welcome address, reflecting on the institution’s role in shaping business and leadership education since its inception in 1991.
The inaugural lecture initiative aims to deepen public understanding of monetary policy and strengthen its transmission, while preparing Nigeria’s next generation to drive sustainable economic growth.