CBN Governor, Yemi Cardoso
Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has said the government’s recent economic reforms are not only visible but are beginning to yield meaningful impact on the economy.
Speaking in Washington, D.C., at the conclusion of the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank, Cardoso shared optimism about Nigeria’s trajectory, emphasizing that current policies are fostering macroeconomic stability, financial discipline, and inclusive growth.
“This has been an active and forward-looking week for Nigeria,” he said. “Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction—towards macroeconomic stability, fiscal discipline, and inclusive growth.”
According to the CBN chief, Nigeria’s participation at the week-long global gathering signaled a renewed sense of fiscal credibility and reform momentum that resonated well with development partners, international financial institutions, and investors.
“There is broad recognition that Nigeria’s reforms are delivering results,” Cardoso noted. “Inflation is moderating, the exchange rate has stabilized, and investor confidence is returning.”
He highlighted that headline inflation dropped for the sixth straight month in September, reaching 18.02%, down from 20.12% in August—the lowest level recorded in three years. Cardoso attributed this trend to a combination of tighter monetary policy, exchange rate unification, and greater market transparency.
In addition, he revealed that Nigeria’s foreign reserves now exceed $43 billion, offering 11 months of import coverage. “The naira has continued to strengthen, with the gap between the official and parallel market rates narrowing to under two percent,” he added.
These positive outcomes, according to Cardoso, have been supported by rising capital inflows, increased diaspora remittances, and renewed investor interest across various asset classes.
Overall, Cardoso described the atmosphere surrounding Nigeria’s economic future as one of “confidence and constructive partnership,” a tone shift that suggests growing global faith in the country’s economic roadmap.
NAN
