Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the regulator’s reforms are laying a foundation for macroeconomic stability.
According to a statement on Sunday, Cardoso spoke at a forum hosted by the apex bank in partnership with J.P. Morgan, the Nigerian Exchange Group (NGX), and the Africa Private Capital Association (AVCA) at the Nasdaq MarketSite in New York.
According to the bank, the event, held on Thursday ahead of the 2025 spring meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), brought together global investors, diaspora leaders, and senior financial stakeholders to examine Nigeria’s macroeconomic prospects and its ongoing reform progress.
Speaking on the theme, ‘The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships’, in his keynote address, Cardoso outlined a reform agenda anchored on monetary tightening, transparency in the foreign exchange (FX) market, and strengthened financial governance.
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He said the initiatives are establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.
The governor reaffirmed the CBN’s “unwavering” commitment to rebuilding credibility through orthodox monetary policy, transparency, and consistency.
“We inherited a crisis of confidence but chose a different path. We’re not turning back,” Cardoso was quoted as saying.
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During a fireside chat with James Robinson, the nobel prize-winning economist, and Richard Pearson, a professor at the University of Chicago, Cardoso further elaborated on his vision to re-establish the CBN as a credible and trusted institution, rooted in domestic excellence and respected internationally.
‘CONFIDENCE GRADUALLY RESTORED IN NIGERIA’S ECONOMY’
Providing updates on Nigeria’s macroeconomic condition, Muhammad Sani Abdullahi, CBN’s deputy governor for economic policy, noted significant growth in FX turnover, early indications of disinflation, and a steady build-up in external reserves.
“With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” Abdullahi said.
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Also speaking at the event, Nkiru Balonwu, adviser to the CBN governor on stakeholder engagement and strategic communication, described the forum as a milestone in the institution’s broader engagement strategy.
“Today is more than a conversation. It’s about opening the books on the CBN’s transformation story under Governor Cardoso – sharing the facts, interrogating the progress, and looking ahead together at what more can be done to build sustainable partnerships and unlock long-term capital,” she said.
The statement said one of the key highlights of the event was a panel session, titled, ‘Repricing Nigeria: Assessing the Scope for Sustained Change’, which featured global finance leaders including Joyce Chang, chair of global research at J.P. Morgan Chase; Jason Rekate, global co-head of corporate banking at Citi; Razia Khan, chief economist for Africa and the Middle East at Standard Chartered; and Ahmad Zuaiter, co-founder and CIO of Jadara Capital Partners.
The panel, moderated by Gavin Serkin, founder of New Markets Media and Intelligence, assessed the investment climate in Nigeria, with participants noting renewed international interest spurred by strengthened fundamentals, improved governance, and clearer policy direction.
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The CBN said discussions at the forum focused on assessing reform progress and charting practical pathways to deepen partnerships, mobilise long-term capital, and re-establish the bank’s reputation as a credible and respected institution at home and abroad.
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