The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the apex bank’s commitment to continuing economic reforms aimed at reducing Nigeria’s inflation to single digits. Speaking at the closing press briefing during the Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC, Cardoso, alongside the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined the country’s economic progress and future plans.

Cardoso acknowledged that the reforms implemented over the past 18 months were not easy but emphasized that they have started to yield positive results. 

He noted that Nigeria has moved from an economy characterized by vulnerability to one that is demonstrating growing strength. This progress has helped restore international investor confidence, he added. He reaffirmed the CBN’s focus on bringing inflation to single digits in the medium term, highlighting that controlling inflation is vital for safeguarding Nigerians' economic well-being.

He pointed out that recent reforms have strengthened Nigeria's monetary buffers, improving the country’s ability to withstand external shocks. One of the key reforms has been the implementation of a market-driven exchange rate, which has led to the stabilization of the naira and significantly reduced the gap between the official and parallel market rates. This change has helped eliminate speculative arbitrage and restored confidence among investors. Additionally, Nigeria’s foreign reserves have risen to over $38 billion, providing nearly ten months of import cover and strengthening the country’s financial stability. 

Nigeria also recorded a $6.83 billion balance of payments surplus in 2024, driven by a rise in exports and increased capital inflows.

Cardoso shared that during the Spring Meetings, Nigeria’s development partners and global investors expressed optimism about the country’s economic direction. He noted that feedback from the Nigerian diaspora was overwhelmingly positive, reflecting growing support for the country’s reforms. Cardoso concluded by reaffirming that, while the results so far are encouraging, the government remains determined to continue pushing for sustained growth and stability, ensuring that these positive trends are maintained.