Cardoso Wins Global Award for Forex and FATF Reforms

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, received a global award for his contributions to foreign exchange and Financial Action Task Force (FATF) reforms during a ceremony held in London. The award was presented on Wednesday, and Cardoso dedicated the honor to the board, management, and staff of the Central Bank of Nigeria, acknowledging their steadfast commitment to institutional reform and economic stabilization.

In his acceptance speech, Cardoso expressed gratitude to the Central Bank and the public for the recognition, highlighting that the award reflects the collective efforts of the entire bank, particularly the professionals whose dedication and expertise often go unnoticed. He noted the significant challenges faced by central banks worldwide, including Nigeria's economic pressures, and emphasized the necessity of measures undertaken by the Central Bank of Nigeria, such as addressing inflation and implementing major reforms in the foreign exchange market.

Cardoso pointed out milestones achieved during his tenure, including Nigeria's removal from the FATF grey list and the successful completion of a bank sector recapitalization exercise.