Nigeria: CBN to Accelerate Reforms in 2025, Aiming for a $1 Trillion Economy

 The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the bank’s commitment to further advancing reforms in critical areas such as the foreign exchange market, remittance systems, diaspora engagement, and more throughout 2025.

In a statement shared via his official X handle and reposted by the CBN’s official account (@cenbank), Cardoso outlined the central bank’s key priorities for the upcoming year, emphasizing transparency, innovation, and boosting investor confidence as the pillars of its strategy.

Reflecting on 2024 Achievements

Looking back at 2024, Cardoso highlighted several key accomplishments, particularly in stabilizing the naira. Among these was the introduction of the Electronic Foreign Exchange Matching System, which significantly improved transparency in the foreign exchange market. Furthermore, the CBN granted Approval in Principle to 14 new international money transfer operators, enhancing the official channels for diaspora remittances.

“By engaging openly with stakeholders—from local communities to international partners—we have strengthened Nigeria’s credibility on the global stage while addressing the nation’s unique challenges,” Cardoso stated.

The CBN governor also pointed to several decisive actions taken, including clearing $7 billion in verified foreign exchange obligations, unifying the country’s multiple exchange rate windows, and phasing out the quasi-fiscal interventions previously employed by the bank.

Impact of the Reforms

Cardoso also noted the positive outcomes of these reforms, highlighting that:

• Foreign capital inflows surged by over $6 billion in 2024.
• Nigeria’s external reserves exceeded $40 billion, signaling growing global confidence in the country’s economic prospects.

“These initiatives have not only driven investor confidence but also improved the efficiency of our financial markets, fostering innovation across various sectors,” he added.

Looking Ahead to 2025

As the CBN sets its sights on 2025, Cardoso committed to building on the momentum achieved in 2024 by implementing robust monetary policies and reinforcing regulatory frameworks that inspire confidence and stability.

“This year, the CBN will continue its push for sustainable and inclusive growth in support of Nigeria’s goal of becoming a $1 trillion economy,” Cardoso declared. “Our vision is clear: to be a trusted and respected institution, fostering confidence in the Nigerian economy and contributing to a stable, inclusive, and competitive nation.”

The goal of a $1 trillion economy has also guided critical policies, such as the recapitalization of the banking sector, announced in March 2024. This initiative, aimed at strengthening the financial system, aligns with President Bola Tinubu’s broader economic vision.

As the CBN embarks on its 2025 reform agenda, the focus will remain on securing Nigeria’s economic future and promoting prosperity across all sectors of society.