The governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has said the Bank is beginning to see signs of progress in stabilising the foreign exchange (FX) market and curbing inflation, as recent policy reforms start to yield results.
Cardoso stated this during an engagement with scholars from the Harvard Kennedy School (HKS) at the CBN headquarters in Abuja.
The scholars were visiting Nigeria as part of the Africa Trek initiative, which also included a stop in Ghana.
The visit marked the first time a Harvard Africa Trek delegation would visit the Central Bank of Nigeria.
The delegation was comprised of 50 students from 19 countries, including representatives from Harvard Business School, Massachusetts Institute of Technology (MIT), and Stanford University.
In a statement issued by the CBN on Tuesday, Cardoso, who is an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, reiterated the Bank’s commitment to driving policy-oriented solutions and strengthening trust in Nigeria’s financial system.
“As we reset the Bank, we are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” Cardoso said.
Renewed investors’ confidence
While addressing Nigeria’s macroeconomic outlook, he acknowledged existing challenges but pointed to key indicators suggesting improvement.
He noted that the FX market is beginning to stabilise and that inflationary pressures are gradually moderating.
The statement read, “Addressing Nigeria’s economic landscape, Mr Cardoso acknowledged recent challenges but highlighted progress in stabilizing the foreign exchange market and curbing inflation.”
Cardoso also highlighted the growing interest from international institutions as a positive signal. He referenced recent visits from senior executives at JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as evidence of renewed investor confidence.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and the HKS Nigeria Trek Delegation Lead, Sheffy Kolade, commended the CBN for hosting the students and for its continued engagement with future policymakers.
The Africa Trek is designed to facilitate direct interaction between emerging global leaders and key African policymakers.
It serves as a platform for discussions on governance, innovation, economic development, and the strategic role of central banks in national growth.
What you should know
Nairametrics earlier reported that the Nigerian currency ended the first trading session of the week on a positive note amid increased appetite for the haven currency in the global currency market.
The naira settled at N1,531.2/$1 in Nigeria’s official foreign exchange market, appreciating by 0.37% from Friday’s close of N1,537/$1.
- However, market action showed that naira volatility has been relatively higher amid elevated uncertainty in the Nigerian economy.
- CBN’s data showed the local currency ranged between N1,480/$ and N1,600/$ in the past few weeks. The naira’s recent volatility reflects the ongoing struggle between monetary policy and market forces, despite the CBN’s future actions to ensure a more stable foreign exchange environment.
- Also, Nigeria’s inflation rate declined to 23.18% in February 2025, marking a slight drop from the 24.1% recorded in January 2025.
- This was according to the newly released Consumer Price Index and Inflation report by the National Bureau of Statistics (NBS) for February 2025.
- The agency earlier overhauled the consumer price index for the first time in 16 years and changed the reference year to 2024, which it said would better reflect the inflation pressures facing households in Nigeria.
According to the agency, the February 2025 Headline inflation rate showed a decrease of 1.30% compared to the January 2025 Headline inflation rate.
