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The Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, announced that starting in 2025, the CBN will regularly disclose information on the country’s net external reserves. This announcement was made at the Financial Times (FT) Africa Summit in London, where Cardoso also emphasized the bank’s commitment to using all available tools to control inflation.
Speaking at the event, Cardoso expressed optimism that headline inflation is expected to moderate in the coming months. However, he noted that food inflation remains challenging but assured that the CBN is collaborating closely with the government to tackle it effectively.
Highlighting Nigeria’s reform-driven momentum, Cardoso stated that the country is drawing “increased and serious interest” from foreign investors, referencing recent visits by Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon. “There’s substantial interest in Nigeria now, given that the currency is more stable, making the economy significantly more competitive,” he explained.
The devaluation of the naira and the rise in fuel prices have adjusted the economic landscape since President Tinubu assumed office. Cardoso noted that recent CBN measures aimed at boosting investor confidence have been successful, with fewer complaints over foreign exchange access. “The foreign exchange market is now deeper and more accessible,” he noted.
Nigeria’s gross foreign exchange reserves currently exceed $40 billion. To enhance transparency, Cardoso confirmed that from early 2025, the CBN will provide regular updates on net reserve levels. Additionally, he projected moderate economic growth for Nigeria next year, aligning with the World Bank’s 2025 growth estimate of approximately 3.6%, slightly higher than this year’s expected 3.3%.
Cardoso concluded, “With the ongoing reforms, Nigeria is well-positioned for future growth.”
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