The Central Bank of Nigeria (CBN) has said that its sweeping monetary and foreign exchange reforms over the past two years have restored investor confidence, stabilised the naira, and laid the foundation for long-term growth.
Governor Olayemi Cardoso, delivering the keynote at the Lagos Business School’s P
leadership lecture on Friday, recalled the precarious economic situation he inherited in 2023 when inflation was spiralling, reserves were strained, and investor confidence had collapsed.
‘It was a moment that demanded not just technical skill, but leadership rooted in courage, credibility, and accountability. We had to act decisively,’ he said.
According to him, the CBN raised rates by over 800 basis points to tackle inflation, halted central bank overdrafts beyond statutory limits, unified the exchange rate, and cleared a backlog of foreign exchange obligations.
The apex bank also strengthened reserves, now above $42 billion, and launched new channels for diaspora remittances.
The results, Cardoso said, are beginning to show. Inflation, which had peaked near 35 percent, has moderated to about 20 percent. GDP grew 4.2 percent in the second quarter of 2025, capital inflows are rebounding, and Nigeria’s sovereign credit outlook has improved.
‘These shifts suggest more than a cyclical adjustment. They mark the outlines of a developmental inflection point where investor confidence is being rebuilt and Nigeria positions itself for structural renewal,’ he said.
The CBN governor, however, cautioned that the gains must be translated into durable prosperity. ‘This is only the beginning. The real task is ensuring these hard-won improvements translate into jobs, stability, and long-term growth for the next generation,’ Cardoso added.
Earlier in her welcome address, Professor Olayinka David-West, Dean, Lagos Business School, Pan Atlantic University, noted that the CBN Governor’s Lecture Series is a flagship platform and part of the Governor’s Knowledge Acceleration and Thought Leadership Initiative, which is central to the Central Bank’s strategy of deepening public understanding and strengthening monetary policy transmission.
She recalled that two years ago, at the Senate Confirmation Hearing, the Governor, Mr. Olayemi Cardoso, and his Deputy Governors promised compliance, accountability, and transparency, thus noting that the lecture was a fulfillment of the promise and a framework for such accountability.