By Jennete Ugo Anya
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has credited stable exchange rates, fallen inflation, and rising foreign reserves with restoring investor confidence and positioning Nigeria for sustained economic growth.
Speaking at the 20th Anniversary Colloquium Lecture of the CBN’s Monetary Policy Department (MPD) in Abuja, Mr. Cardoso said that bold reforms over the past two years had transformed the economy, stabilizing the naira and reducing the spread between official and bureau de change rates to below two per cent.
“Investor confidence has returned, uncertainty for households and businesses has reduced, and the foundation for long-term stability has been laid,” he said.
Inflation has moderated sharply to 16.05 percent in October 2025, down from a peak of 34.6 percent in November 2024, marking seven consecutive months of disinflation—the lowest in three years. Core inflation is also beginning to soften, reflecting the cumulative effect of tight policy measures.
Foreign reserves have risen to $46.7 billion as of November 14, 2025, providing over 10 months of import cover, supported by sustained inflows, stronger oil receipts, and renewed foreign portfolio participation. MR. Cardoso noted that these developments have led to upgrades of Nigeria’s sovereign ratings by top international agencies, with S&P Global Ratings revising the country’s outlook from stable to positive.
He highlighted Nigeria’s removal from the FATF Grey List as a further milestone, reinforcing adherence to global anti-money laundering and counter-terrorism financing standards, and unlocking additional opportunities for foreign investment and trade finance.
Mr. Cardoso emphasized the ongoing transition to a full inflation-targeting regime, describing it as a strategic imperative to anchor expectations and sustain price stability. He urged the MPD to deepen analytical capacity, strengthen modelling tools, and leverage technology and big data to navigate emerging macroeconomic challenges effectively.
“Monetary policy must remain credible, coherent, and adaptive to changing realities. Our ultimate goal is building a resilient economy that fosters growth, creates jobs, and delivers shared prosperity,” he said.
The event also featured remarks from Vice President Kashim Shettima, who reaffirmed Nigeria’s readiness for business and encouraged foreign investors to take advantage of reforms under President Bola Tinubu’s administration. Vice President Shettima said, “There is no better time to invest in Nigeria… we have crossed the Rubicon and are now on the path of sustainable development.”
Dr. Victor Oboh, CBN Director of Monetary Policy, described the lecture as both a celebration and a reflection on the evolution of monetary policy in Nigeria over the past two decades. He noted the department’s pivotal role in introducing the Monetary Policy Rate (MPR) in 2006, strengthening policy clarity and communication, and supporting strategic decision-making across the bank.
The event underscored the CBN’s focus on stability, innovation, and forward-looking policy frameworks as the foundation for continued economic resilience and growth.
