The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has announced an ambitious target to boost foreign remittances to $1 billion monthly, part of the CBN’s ongoing reform agenda. Speaking at a symposium on economic reforms and unveiling the compendium Promoting Stability in an Era of Economic Reforms: The Journey So Far, Cardoso outlined key policy milestones achieved since his leadership team took office in 2023.
Reflecting on the transformative progress, Cardoso emphasized the CBN’s commitment to economic stability, inflation control, and investor confidence restoration, describing the past year as both challenging and transformative. “This is not a celebration but a recognition of our achievements amid crisis,” Cardoso noted, underscoring how the CBN has restored credibility and stabilized foreign reserves, now exceeding $40 billion for the first time in 33 months.
Cardoso detailed inherited economic challenges, including a GDP growth slowdown to 2.31% in Q1 2023 and a sharp inflation spike to 24.1%. His team addressed these pressures with robust responses, focusing on foreign exchange (FX) stability and monetary policy reform. A significant policy change included recalibrating the Monetary Policy Rate (MPR) by 850 basis points to 27.25% and raising the Cash Reserve Ratio to 50% for commercial banks to curb inflation.
Acknowledging the impact of multiple FX windows, which led to revenue losses estimated at ₦6.2 trillion in 2022, Cardoso said that the CBN has shifted away from quasi-fiscal interventions. Instead, the Bank’s new 2024-2028 Corporate Strategy (IMPACT) emphasizes Integrity, Meritocracy, Professionalism, Accountability, Courage, and Tenacity to reinforce orthodox monetary policies and streamline FX operations.
To further stabilize FX markets, the CBN recently launched updated Bureau de Change (BDC) guidelines, aiming to regulate market disruptions. Cardoso also highlighted operational improvements through a “Digital-First Initiative,” which has reduced costs, streamlined processes, and enabled data-driven decision-making. The new Integrated Data Collection and Sharing Portal (IDSP) and an Investor Relations Unit aim to create a transparent, investment-friendly environment.
Governor Cardoso expressed optimism about Nigeria’s economic future, calling for unified leadership and resilience. He received commendations from Lagos Governor Babajide Sanwo-Olu and Imo State Governor Hope Uzodinma, who praised the CBN’s dedication to economic stability and the synergy between fiscal and monetary policy.
In his welcome address, CBN Deputy Governor for Economic Policy, Mr. Muhammad Sani Abdullahi, celebrated the Bank’s achievements, emphasizing its resilience and commitment to excellence. The event’s focal point, the compendium Promoting Stability in an Era of Economic Reforms: The Journey So Far, reflects the CBN’s unified vision and transformative journey through a dynamic economic landscape.
