In 2024, the Central Bank of Nigeria (CBN), led by Governor Olayemi Cardoso, implemented bold monetary policies to address soaring inflation and stabilize the economy. Interest rates were raised four times to 27.50% by year-end, contributing to a decline in inflation and a GDP growth of 3.46% in Q3 2024. Key sectors such as telecommunications and financial services flourished, but agriculture and manufacturing lagged, underscoring the need for targeted support. The CBN also introduced foreign exchange reforms, including the unification of FX frameworks and the launch of the Electronic Foreign Exchange Matching System (EFEMS), boosting external reserves to $37.9 billion by July.
Bank recapitalization and consumer protection were also prioritized. The CBN directed banks to meet new capital requirements by 2026 while licensing innovative financial institutions and enhancing customer dispute resolution mechanisms. Notable initiatives like the Unified Complaints Tracking System (UCTS) and the We-FI Code supported financial inclusivity and entrepreneurship. Financial literacy programs were updated to improve decision-making among youth, and cybersecurity measures were strengthened to safeguard digital assets and enhance market stability.
In a drive toward sustainability, the CBN developed a Carbon Market Framework in collaboration with the Nigerian Climate Change Council and modernized its operations through mobile technology and data analytics. Despite these strides, challenges in diversifying the economy persist. Governor Cardoso emphasized the need to strengthen agriculture and manufacturing while continuing reforms to build a resilient, diversified economy as Nigeria looks ahead to 2025.