Cardoso: Reforms Strengthen Nigeria's Financial Resilience

At the Africa Capital Forum in London, Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), declared that ongoing reforms in Nigeria's monetary and financial sector have significantly bolstered the economy's resilience to external shocks and reinforced investor confidence.

He emphasized that 28% of total inflows into the banking sector are from foreign investors, underscoring renewed global confidence in Nigeria's financial system. Cardoso announced the finalization of a new payment system vision for Nigeria, aimed at positioning the country as a leader in digital cross-border payments.

He noted that 30 banks have met new capital requirements as part of the bank recapitalization program, with 28% of investments sourced from foreign entities. Cardoso also highlighted the importance of diaspora remittances in diversifying Nigeria's foreign exchange reserves.

He confirmed that inflation has sharply fallen and the exchange rate has stabilized, attributing this to the reforms that have positively impacted Nigeria's economy.