- Olayemi Cardoso said the Central Bank of Nigeria CBN is making steady progress in foreign exchange market stability and curbing inflation
- He said that though Nigeria’s economy faced recent challenges, key indicators are signs of future improvements
- Cardoso said recent visits by executives from JP Morgan, Citibank, and the International Monetary Fund were signs of renewed investor confidence in Nigeria’s economy
The Central Bank of Nigeria (CBN) says it is making steady progress in stabilising the foreign exchange (FX) market and tackling inflation.
The CBN Governor, Olayemi Cardoso, stated this when he received a delegation of scholars from the Harvard Kennedy School at the CBN headquarters in Abuja on Tuesday, March 25.
According to a statement by the apex bank, the visit was part of the scholars’ Africa Trek, which also included stops in Ghana, and the first time a Harvard Africa Trek delegation would visit the Central Bank of Nigeria.
The delegation was comprised of 50 students from 19 countries, including representatives from the Harvard Business School, Massachusetts Institute of Technology (MIT), and Stanford University.
Addressing the delegation, Cardoso, an alumnus of the Harvard Kennedy School and the first African elected to the global HKS Alumni Board of Directors, said the CBN remained committed to fostering intellectual engagement and driving policy-oriented solutions.
“As we reset the bank, we are committed to being a hub for thought leadership.
“The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” he said.
CBN’s reforms reflecting in FX stability and inflation moderation
Cardoso further stated that while Nigeria’s economy had faced recent challenges, key indicators signal future improvements.
He stated that ongoing reforms by the CBN, including its tight monetary stance and streamlining the FX market, are beginning to reflect greater stability in the FX market and a gradual moderation in inflationary pressures.
The statement read, “Addressing Nigeria’s economic landscape, Mr Cardoso acknowledged recent challenges but highlighted progress in stabilising the foreign exchange market and curbing inflation.”
Recall that Nigeria’s inflation declined for the second consecutive month in February to 23.18 per cent from the 24.48 per cent recorded in January following the rebasing of the Consumer Price Index (CPI).
According to the National Bureau of Statistics, the February inflation figure indicates a 1.30 per cent decrease from January and an 8.52 percentage point decline compared to the 31.70 per cent recorded in February 2024.
Cardoso also stated that recent visits by executives from JP Morgan, Citibank, and the International Monetary Fund (IMF) were signs of renewed investor confidence in Nigeria’s economy.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
CBN’s willingness to engage with future policymakers
President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and the HKS Nigeria Trek Delegation Lead, Ms Sheffy Kolade, thanked the CBN for hosting the students.
They lauded the CBN’s willingness to engage with future policymakers and provide them with first-hand insights into Nigeria’s economic landscape.
The CBN statement added that the Africa Trek initiative is designed to foster direct interactions between emerging global leaders and key policymakers on the continent.
It provides a platform for in-depth discussions around governance, innovation, economic development and the role of central banking in national progress, the statement noted.
FX matching system will address rate disparity, naira’s true value – Cardoso
Meanwhile, TheRadar earlier reported that the governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the electronic foreign exchange (forex) matching system will soon address the disparity between the current naira-to-dollar exchange rate and the naira’s true market value.
Cardoso stated this at the Bankers’ Committee annual dinner held on Friday, November 29, in Lagos.
