The Central Bank of Nigeria, CBN, has expressed growing optimism over the trajectory of the Nigerian economy, citing improvements in inflation control, foreign exchange stability, and renewed public confidence in the naira.
Governor of the apex bank, Mr. Olayemi Cardoso, disclosed this during the 301st meeting of the Monetary Policy Committee, MPC, held in Abuja, according to a statement released by the CBN.
Cardoso attributed the positive outlook to far-reaching reforms under his leadership, which he said have restored investor confidence, ensured relative exchange rate stability, and resulted in a favourable trade surplus.
He noted that stability in the foreign exchange market, a positive trade surplus in Nigeria, and the restoration of investor confidence were major outcomes of the reforms under his watch as CBN Governor.
He reiterated the Bank’s determination to collaborate with fiscal authorities to ensure consistency in policy thrust and reduce uncertainties. According to him, the CBN aims to achieve single-digit inflation given the positive economic trajectory, and he assured that the Bank will be transparent in managing Nigerians’ inflation expectations.
“The MPC observed stable financial soundness indicators and urged sustained regulatory oversight to ensure continued resilience, safety, and soundness of the banking system. In advancing financial inclusion, he noted that the non-resident BVN is a catalyst for change, particularly for Nigerians in the Diaspora,” the statement said.
Cardoso also clarified that the Purchasing Managers’ Index, PMI, report released by the Bank does not reflect the views of the CBN itself but rather captures the sentiments of businesses across the economy.
With eight months remaining until the end of the banking recapitalisation programme, he announced that eight banks have already exceeded the minimum recapitalisation requirement.
The CBN Governor further stated that investor interest in Nigeria’s banking sector has increased and reaffirmed the Bank’s commitment to enforcing rules that maintain stability and sustain confidence in the system.
“We are strengthening thought leadership at the CBN, engaging with diverse perspectives, enhancing learning channels, and encouraging open dialogue. The CBN is evolving, shifting from how you have traditionally seen the Bank to a more inclusive, dynamic, and transparent institution,” Cardoso said.
