The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardaso has emphasized the commitment of the apex bank to ensure stability in the country’s foreign exchange space. According to an official statement released on the CBN’s website on Tuesday, the financial expert vowed that the central bank will continue to identify market manipulators.
Speaking at the February 2025 Monetary Policy Committee (MPC) meeting, the CBN boss said the activities of the bad actors further undermined the efforts of the apex financial institution in Nigeria to ensure the stability of the Naira. Meanwhile, the statement coincides with when the Nigeria Naira plummeted against the US Dollar.
The governor established the importance of the apex bank to fulfill its oversight role to ensure price stability and enhance investors’ confidence. Cardoso narrated that with the support of the CBN, Nigeria can fast-track its economic recovery and the solidity of its financial market.
CBN is effectively combating inflation with policies – Cardoso
In recent times, the CBN under the guidance of Cardoso has introduced various policies to ensure the stability of the Nigerian Naira. In a recent disclosure, Olayemi Cardoso said the apex financial institution in Nigeria is performing well in its battle against inflation in the country.
The CBN governor made the claims while speaking to a delegation of 50 scholars from 19 countries from the Havard Kennedy School. The scholars made the visit to the Central Bank of Nigeria in Abuja as part of its” Africa Trek” tour. However, the visit makes it the first time a delegation of Havard Africa Trek will show up at the CBN.
In the discussion, Cardoso admitted that the Nigerian economy endured a bad run recently while pointing at indications that there are some improvements. Also, he narrated how the ongoing reform by the CBN is yielding greater stability in the foreign exchange market and combating growing inflation.
Cardoso described the recent visit of executives from JPMorgan, Citibank, and the International Monetary Fund as a sign of renewed confidence in the Nigerian economy by foreign investors. He added that the emerging interest from foreign investors indicates that the Nigerian economy is on the right path.
It is worth mentioning that Olayemi Cardoso is an alumnus of the Havard Kennedy School. The CBN boss is the first African elected to the global HKS Alumni Board of Directors.
