Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has expressed the bank’s commitment to consolidating the gains of recent economic reforms and achieving a single-digit inflation rate. Speaking alongside the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the closing press briefing of the Spring Meetings of the World Bank and International Monetary Fund (IMF) in Washington DC, Cardoso highlighted the transformative impact of these reforms on Nigeria’s economy.

According to Cardoso, although implementing the reforms has been challenging, they are producing tangible results. He emphasized that the reforms have moved Nigeria from a position of vulnerability to one of economic strength, instilling confidence among international investors. The CBN Governor assured that reducing inflation to single digits remains a primary objective, as it would safeguard the purchasing power of households and contribute to broader economic stability.

Cardoso noted that Nigeria’s monetary buffers have been significantly strengthened in the past 18 months, enhancing the country’s ability to withstand external shocks. He stressed the importance of restoring price stability and laying the groundwork for long-term investments. Another key aspect of the reforms includes adopting a market-determined foreign exchange regime, which has improved transparency, stabilized the naira, and eliminated speculative arbitrage.

The Governor also highlighted the diversification of Nigeria’s foreign exchange sources, with improved autonomous inflows beyond oil and strengthened external reserves, which now exceed $38 billion, providing nearly ten months of import coverage. In 2024, the country recorded a balance of payments surplus of $6.83 billion, the highest in recent years, driven by rising exports and renewed capital inflows.

Cardoso acknowledged the growing confidence expressed by development partners, global investors, and the Nigerian diaspora in Nigeria’s economic trajectory. He reiterated the resolve to sustain these positive trends, emphasizing that the CBN would continue to implement disciplined reforms and ensure lasting macroeconomic stability.