CBN Highlights Financial Reforms Strengthening Nigeria's Economy

The Central Bank of Nigeria (CBN) stated that its ongoing financial sector reforms are fortifying the foundation of Nigeria's economy. In a statement issued on Thursday, CBN Governor Olayemi Cardoso remarked during a distinguished alumni lecture at St.

Gregory's College in Lagos that these reforms aim to rebuild macroeconomic stability and strengthen institutions for long-term growth. Key areas of progress include bank recapitalization, with 33 banks successfully raising additional capital by 2024, and improvements in monetary policy frameworks.

Cardoso noted that inflation, which peaked at 34%, has significantly declined to around 15%. The reforms in the foreign exchange market have also helped narrow the gap between official and parallel market rates, reducing the premium sharply.

Additionally, Nigeria's external reserves have strengthened, exceeding $50 billion, with significant capital inflows projected from 2023 to 2025. The CBN is also focusing on enhancing financial technology and inclusion, emphasizing the need for interdisciplinary skills in the future workforce.