CBN will build on FX, remittance reforms and diaspora engagement – Cardoso
CBN Governor Olayemi Cardoso unveils strategic economic reforms for 2025, focusing on foreign exchange market stability, remittance enhancements, and diaspora engagement to drive Nigeria's economic growth.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the apex bank's commitment to advancing reforms in the foreign exchange market, remittances, diaspora engagement, and other critical areas of the economy in 2025. Cardoso made this announcement on Thursday in a statement shared on his X handle, which was also reposted on the official CBN X account, @cenbank.
Reflecting on 2024 achievements, the CBN introduced key initiatives aimed at stabilizing the naira, including the Electronic Foreign Exchange Matching System, which has enhanced transparency in the FX market. Additionally, the CBN granted Approval In Principle to 14 new international money transfer operators, bolstering diaspora remittances through formal channels.
In his statement, Cardoso emphasized the importance of transparent stakeholder engagement in strengthening Nigeria’s global credibility. He noted, “By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges. These efforts included decisive actions such as clearing verified FX commitments totaling $7 billion, discontinuing the Central Bank’s quasi-fiscal interventions, and unifying multiple exchange rate windows.”
Key Achievements and Vision
Cardoso highlighted several transformative policies introduced under his leadership:
- Reforms in the FX market and remittances.
- Increased financial inclusion and diaspora engagement.
- Strengthened compliance measures and private sector growth initiatives.
- Over $6 billion in foreign capital inflows into Nigeria.
- External reserves exceeding $40 billion, signaling growing investor confidence.
Cardoso stated, “We also prioritized increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors. As a result, Nigeria's economy is on a growth trajectory that aligns with our vision for a $1 trillion economy.”
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Looking ahead, the CBN plans to sustain its momentum through:
- Implementing sound monetary policies to safeguard the economy.
- Strengthening regulatory frameworks to inspire stability and confidence.
- Advancing initiatives that drive inclusive and sustainable growth.
Cardoso concluded, “Our vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy and contributing to a stable, inclusive, and competitive nation.”
Supporting Nigeria's $1 Trillion Economy Goal
A significant part of this vision aligns with President Bola Tinubu’s $1 trillion economy target. This ambition guided the banking sector recapitalization initiative announced by the CBN in March 2024, which aims to fortify the financial system and attract investments critical to achieving this goal.
About Dr. Okhaide O. Ojeagbase:
Dr. Okhaide O. Ojeagbase is a Director at The Probitas Report, bringing over 19 years of expertise in digital media and private investigative practices. He currently leads coverage on Financial Markets, Energy & Gas, Power, Blockchain, and Counter Fraud Intelligence, delivering incisive analysis and actionable insights for the platform.
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