In a recent post on his official X (formerly Twitter) handle, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso outlined the bank’s commitment to three core pillars for economic progress: price stability, financial system resilience, and inclusive growth.
Reflecting on the transformative year of 2024, Cardoso described it as a period defined by bold decisions, collective resilience, and substantial progress. Prior to the appointment of the new leadership, Nigeria faced severe economic challenges, including soaring inflation, exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that undermined market confidence.
“In response to these challenges, the CBN introduced a series of reforms that stabilized the macroeconomic environment and restored trust,” Cardoso stated. He emphasized the role of transparent engagement with stakeholders—ranging from local communities to international partners—in enhancing Nigeria’s global credibility and addressing pressing domestic issues.
Key actions taken in 2024, according to the CBN, included clearing $7 billion in verified foreign exchange (FX) commitments, discontinuing quasi-fiscal interventions, and unifying multiple exchange rate windows. Additionally, the bank introduced policies targeting the FX market, remittances, financial inclusion, diaspora engagement, private sector growth, and regulatory compliance. These efforts helped secure over $6 billion in foreign capital inflows and boosted Nigeria’s external reserves to over $40 billion, reflecting renewed investor confidence.
Looking ahead to 2025, Cardoso outlined plans to build on the momentum by: implementing sound monetary policies to safeguard the nation’s economic future; strengthening regulatory frameworks to ensure stability and inspire confidence; and advancing initiatives aimed at driving sustainable, inclusive growth.
“The CBN is committed to fostering sustainable and inclusive growth in support of Nigeria’s ambition to achieve a $1 trillion economy. Our vision is clear: to be a trusted and respected central bank that promotes confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation,” Cardoso affirmed.
Analysts have praised the CBN Governor’s strategic vision for 2025, expressing optimism about Nigeria’s economic trajectory. They highlighted the need for complementary fiscal policies to support the central bank’s initiatives and maintain the current growth momentum.