The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex regulator was going to build on the traction it has made in terms of reforms in the foreign exchange market, remittance, diaspora engagement, and others in 2025.
Cardoso said this on Thursday via a statement shared on his X handle, which was reposted on the official X handle of the Central Bank of Nigeria @cenbank.
Last year, the CBN made several attempts to stabilise the naira, the latest being the introduction of the Electronic Foreign Exchange Matching System, which has boosted transparency in the market. The CBN also has granted Approval In Principle to 14 new international money transfer operators to strengthen diaspora remittance via official means.
On Thursday, Cardoso said, “By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges. These efforts included decisive action: clearing the verified FX commitments, which amounted to $7bn, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.
“Furthermore, we introduced innovative policies and reforms across a range of areas: from the FX market and remittances to financial inclusion, diaspora engagement, compliance, private sector growth, and more.
“We also prioritised increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors. As a result of these policies and reforms, foreign capital imported into the country rose by over $6bn in 2024, and Nigeria’s external reserves have risen to over $40bn, reflecting the growing confidence in our economy.
“This year, the CBN will build on this momentum, implementing sound monetary policies to safeguard our economic future, strengthening regulatory frameworks to inspire stability and confidence, and advancing initiatives that drive prosperity for all. The CBN is committed to driving sustainable and inclusive growth to support Nigeria’s aspiration of achieving a $1tn economy. Our vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation.”
The drive to support the $1tn economy target of President Bola Tinubu had been the driving principle behind the recapitalisation of the banking sector which was announced by the regulator in March 2024.
