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The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has reaffirmed the apex bank’s commitment to bold and transparent monetary reforms aimed at restoring market confidence and economic stability. Speaking ahead of the 2024 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), Cardoso emphasized that there will be no reversal in the pursuit of orthodox monetary policy and regulatory credibility.
In a strategic engagement hosted at Nasdaq MarketSite in New York, the CBN collaborated with J.P. Morgan, the Nigerian Exchange Group (NGX), and the Africa Private Capital Association (AVCA) to spotlight Nigeria’s reform-driven investment agenda. The global forum, themed ‘The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships’, convened top-tier investors, diaspora leaders, and financial stakeholders to assess Nigeria’s macroeconomic outlook and the progress of ongoing regulatory and monetary reforms.
Cardoso outlined a multi-pronged strategy anchored in monetary tightening, foreign exchange market reforms, and improved financial governance. He underscored that these measures are central to establishing a stable macroeconomic environment supported by transparency, policy consistency, and sustainable regulatory frameworks.
“We inherited a crisis of confidence, but we’ve chosen a path of restoration and transformation. There is no turning back,” Cardoso stated during a fireside conversation with Nobel Laureate economist Dr. James Robinson.
Highlighting CBN’s ambition to reassert itself as a credible institution both at home and abroad, Cardoso said the apex bank is focused on enhancing internal controls, regulatory compliance, and financial risk management systems that meet global standards.
Providing a macroeconomic update, Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, cited key indicators of economic stabilization, including rising foreign exchange turnover, a trend toward disinflation, and improving external reserves. He noted that a market-determined exchange rate mechanism, coupled with a transparent and rule-based policy framework, is helping rebuild investor confidence and reduce regulatory risk.
Dr. Nkiru Balonwu, Adviser to the CBN Governor on Stakeholder Engagement and Strategic Communication, opened the forum by describing it as a pivotal moment in Nigeria’s regulatory transformation.
“This is more than dialogue—it’s about sharing the progress of CBN’s regulatory change management, addressing the facts, and exploring new avenues for sustainable financial partnerships,” she said.
The event featured a panel session titled ‘Repricing Nigeria: Assessing the Scope for Sustained Change’, which delved into opportunities for long-term capital inflows, compliance innovation, and stakeholder engagement. The forum fostered critical discourse around strengthening Nigeria’s regulatory reporting systems and enhancing compliance monitoring tools to ensure sustained economic resilience.
Key participants included CBN Board and Monetary Policy Committee diaspora members Robert Agbede, Professor Melvin Ayogu, and Dr. Aloysius Ordu. NGX Group CEO Temi Popoola facilitated the Q&A session, while CBN’s Director of Banking Supervision, Dr. Olubokola Akinniyi, delivered closing remarks emphasizing the bank’s continued focus on governance, risk, and compliance (GRC) transformation.
As Nigeria positions itself for deeper global financial integration, the CBN’s reforms mark a decisive pivot toward regulatory transparency, investor assurance, and compliance-driven economic policy, laying the groundwork for long-term growth and sustainable partnerships.
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