Central Bank Governor Olayemi Cardoso has unveiled a sweeping reform agenda aimed at stabilising Nigeria’s economy and restoring investor confidence.
Cardoso made this statement while answering questions during a fireside chat at the inaugural lecture series of his at the Lagos Business School (LBS).
The lecture, titled “Next Generation Leadership in Monetary Policy and Nation Building,” marked the launch of the CBN Governor’s Lecture Series.
The lecture was attended by students from various tertiary institutions, members of academia, bankers, and industry experts.
Cardoso explained the challenges of stabilising the nation’s economy and how hard work and credibility had helped the CBN redirect the nation’s economy onto a positive growth path.
He explained the ongoing reforms and achievements of the last two years, geared toward stabilising the economy and restoring investor confidence.
“The idea is to ensure that in the medium term we achieve single-digit inflation,” he said.
He stated that interest rates and the foreign exchange market were areas of concern for everyone, noting that the foreign exchange market had faced multiple challenges at one point.
He explained the crisis of access to foreign exchange when he assumed office two years ago and efforts through necessary and stringent reforms that restored sanity, transparency and credibility.
He said that credibility is at the heart of any central bank’s mission to win people’s trust and investor confidence, while listing some benefits of the reforms, including the ability of citizens to use Naira debit cards abroad.
Cardoso said that when he promised to clear the verifiable FX backlog, estimated at over $7 billion, the feat was a daunting task that credibility, transparency, and resilience helped him achieve.
He said that promises must be kept for people to continue trusting the nation’s economy, adding that people invest where there is integrity, credibility, and trust. He further noted that transparency and credibility restore sanity and attract foreign investors.
Cardoso said during his tenure, the apex bank began publishing financial statements, a practice that had been suspended for several years.
“For years, the financial statements of the Central Bank had not been published. We have published it. It’s on our website,” he said.
He also explained how the CBN utilised technology to eliminate sharp practices, citing the adoption of a new electronic matching system that made market activities more open and transparent.
According to him, beyond macroeconomic stability, vision building involves creating opportunities for young people, particularly in areas such as financial inclusion and support for small and medium-sized businesses.
Cardoso said he was not seeking to praise himself, but urged Nigerians to read the positive comments of various local and international rating agencies about the bank’s efforts under his leadership.
Earlier, while delivering his keynote, he insisted that the CBN is building an institution that can be trusted, while urging the youths to embrace credibility.
Cardoso stated that the inaugural lecture initiative was designed to deepen public understanding and enhance the transmission of monetary policy.
The governor said the country’s most important asset is its next generation, which forms the largest demographic comprising more youths who must be groomed to drive the nation’s future development and growth.
He said that when he assumed office as governor in 2023, Nigeria’s economy faced formidable headwinds, including high inflation rates, depleted external reserves, low investor confidence, and nearly every macroeconomic indicator under pressure.
Cardoso said he tackled inflation aggressively by tightening policy, raising rates by more than 800 basis points and strengthening liquidity management.
He explained other reforms, including strengthening reserves, which now stand at over $ 42 billion, and new channels for diaspora remittances and investments.
“On financial inclusion, we expanded mobile and agency banking to underserved communities, raising access from 56 per cent in 2020 to over 64 per cent in 2025, and commenced the recapitalisation of banks to ensure a stronger, more resilient financial system,” he said.
He said the nation’s inflation, which peaked at almost 35 per cent, moderated to about 20 per cent, adding that real GDP expanded by 4.2 per cent in the second quarter, signalling a re-emergence of growth momentum.
The apex bank boss also explained that the future of digital payments, credit, savings, investment, and other financial services is being redefined by fintech and digital platforms.
Prof. Olayinka David-West, Dean of the Lagos Business School (LBS) at Pan-Atlantic University, delivered a welcome address, explaining the institution’s role since its inception in 1991.
She praised the partnership with the CBN governor to foster thought leadership, policy engagement, and in-depth discourse between town and gown.
