Central Bank of Nigeria (CBN) Governor, Dr. Yemi Cardoso, has assured Nigerians that the country’s economy is on a solid path to recovery. Speaking at the recent Monetary Policy Committee (MPC) meeting in Abuja, Cardoso stated that both monetary and fiscal authorities are working in tandem to restore economic stability. He highlighted improvements in investor confidence and a resurgence in macroeconomic fundamentals, which signal a restructuring of the economy for long-term sustainability and growth.
Cardoso pointed to a recent upgrade in Nigeria’s credit rating by Fitch Ratings as proof of the progress made. This upgrade, he explained, reflects renewed confidence in Nigeria’s fiscal and monetary policies and serves as a strong indicator to global investors that the country is becoming a more predictable and stable environment. He emphasized that investment is key to economic growth and that such endorsements from global institutions are vital in attracting much-needed capital into the economy.
On the currency front, the CBN Governor addressed concerns over depreciation and foreign exchange (FX) volatility, noting that Nigeria weathered recent global economic turbulence relatively well. Due to early and decisive policy actions, Nigeria experienced minimal currency depreciation compared to other countries. Cardoso also reported a significant boost in foreign reserves—from $3 billion to $23 billion—attributing this to increased transparency, policy consistency, and reforms that have helped build economic buffers and reduce market volatility.
Cardoso underscored the CBN’s mission to rebuild trust and restore credibility, especially with the international community and the Nigerian diaspora. He revealed that recent engagements, including successful meetings at the IMF, World Bank, and NASDAQ, have drawn strong investor interest. He reaffirmed the CBN’s commitment to transparency by consistently publishing audited financial statements and emphasized that institutional reforms are gradually helping rebuild the bank’s reputation and operational effectiveness.
The Governor also outlined efforts to improve diaspora remittance flows, reduce transaction costs, and close product gaps in the financial system. Through strategic partnerships and technological upgrades, diaspora inflows have already surged from $200 million to over $600 million monthly, with a goal of reaching $1 billion per month. Cardoso emphasized that with continued private sector involvement and government facilitation, these reforms can yield long-term dividends for the economy, strengthen regional trade, and deepen financial inclusion across Nigeria.
Source: The Sun