O
n 26th April 2025 Vanguardngr online report that Governor Central Bank of Nigeria, CBN, Mr. Olayemi, has said that the apex bank will redouble its efforts to sustain the gains of recent reforms and achieve a single-digit inflation rate.
Cardoso said this while speaking alongside the Minister of
Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, at the
closing press briefing on the country’s participation in the just concluded
Spring Meetings of the World Bank and the International Monetary Fund, IMF in
Washington DC.
Cardoso said that though the reforms were not easy they are
delivering results and have helped the country move from vulnerability toward
one of growing strength, while enhancing confidence among international
investors.
The CBN Governor assured that the apex bank is focused on
bringing down inflation to single digit in order to protect the purchasing
power of households.
He said: “Thanks to the steps taken over the past 18 months,
we have strengthened our monetary buffers and positioned Nigeria to better
withstand external shocks.
“Indeed, the macroeconomic stability we are beginning to see
today would not have been possible without these decisive actions.
“We recognize that inflation remains the most disruptive
force to the economic welfare of Nigerians.
“Our policy stance is firmly focused on bringing inflation
down to single digits in a sustainable manner over the medium term.
“Our goal is to restore price stability, protect household
purchasing power, and lay the foundation for long-term investment.
“Another key pillar of our reforms is a market-determined
foreign exchange regime. We have embraced market-driven pricing for the naira,
significantly enhancing transparency and restoring investor confidence.
“Again, thanks to disciplined reforms and policy clarity,
the naira has stabilized at a more sustainable level against the U.S. dollar.
The once-wide gap between the official and parallel market rates has all but
disappeared, a first in Nigeria’s recent history, and speculative arbitrage has
all but vanished.
“This renewed stability has restored confidence and spurred
autonomous inflows through formal channels. These inflows are diversifying our
foreign exchange sources beyond oil.
Our foreign reserves now exceed $38 billion, providing
nearly ten months of import cover. This robust buffer enables us to better
withstand external shocks – whether from declining oil prices or global
financial turbulence – thereby safeguarding our economy.
“In 2024, Nigeria recorded a balance of payments surplus of
$6.83 billion, the strongest in many years, driven by rising exports and
renewed capital inflows.
Growing investors’ confidence
“At these Spring Meetings, our development partners
expressed their confidence in Nigeria’s trajectory. Feedback from global
investors and the Nigerian diaspora has likewise been overwhelmingly positive,
reflecting growing alignment with our economic direction.
“Nigeria is increasingly recognized as a rising economic
force, admired for the resolve shown in implementing difficult but necessary
reforms.
