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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the apex bank’s unwavering commitment to restoring investor confidence and entrenching long-term macroeconomic stability through ongoing structural reforms and institutional transformation.
In a post on his official X (formerly Twitter) account on Sunday, Cardoso outlined the CBN’s recent strides, emphasising a pragmatic and forward-looking approach to rebuilding Nigeria’s financial system.
“In recent weeks, we have advanced several critical priorities that reflect the Central Bank we are building—one that is pragmatic, forward-looking, and people-centric,” he stated. “Whether deepening Nigeria’s global financial relationships or consolidating vital domestic reforms, our focus remains clear: to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability.”
Among the milestones highlighted was the recent launch of the Non-Resident Bank Verification Number (BVN) platform on May 13, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS). The platform enables Nigerians in the diaspora to remotely register for BVN, a move aimed at enhancing financial inclusion while ensuring regulatory compliance.
Cardoso also noted key monetary policy decisions from the CBN’s 300th Monetary Policy Committee (MPC) meeting held on May 19–20, where members opted to retain all major policy tools. The Monetary Policy Rate remains at 27.5%, and the Cash Reserve Ratio for Deposit Money Banks at 50%, as the Bank seeks to consolidate recent macroeconomic gains amidst declining inflationary pressures, stabilising exchange rates, and improving foreign reserves.
He further disclosed that the CBN recently held a strategic board retreat in Akwa Ibom State. The retreat focused on aligning internal operations with reform priorities, strengthening institutional capacity, governance, and accelerating digital transformation across the Bank.
In recognition of the Bank’s reform efforts, Cardoso acknowledged recent accolades received by the institution and himself. These include the “Market Reform Initiative of the Year” award from Nairametrics and his honour as “Central Bank Governor of the Year” at the 2025 African Banker Awards.
“There remains much to do,” Cardoso concluded, “but we are making steady, deliberate progress toward the stronger, more resilient economy that Nigerians rightly expect and deserve.”
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