Nigeria’s financial reforms strengthen shock resistance, investor confidence – Cardoso
Nike Popoola
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has affirmed that Nigeria’s recent monetary and financial sector reforms have enhanced the country’s resilience to external shocks and restored investor confidence.
Speaking at the Africa Capital Forum in London on Tuesday, March 17, 2026, during President Bola Ahmed Tinubu’s state visit to the United Kingdom, Cardoso highlighted that disciplined policy and institutional reforms have strengthened the economy’s capacity to withstand shocks.
He noted that Nigeria’s foreign exchange market now operates with greater transparency and liquidity, thanks to a new FX manual that removes many previous capital control restrictions and simplifies trade and investment processes.
Cardoso also announced the completion of a new Payments System Vision for Nigeria, soon to be launched, aimed at positioning the country as a regional leader in digital and cross-border payments.
On banking reforms, he reported that more than 30 banks have met the new capital requirements under the ongoing recapitalisation programme, with verification underway for the remaining institutions. “About 28 per cent of investment in the recapitalisation came from foreign sources,” he said, highlighting renewed confidence in Nigeria’s financial stability.
He further pointed out that diaspora remittances have grown substantially, helping diversify foreign exchange reserves and improve resilience against global volatility.
“Our focus is to protect the hard-earned stability we have achieved, so investors and stakeholders can plan with confidence,” Cardoso said. He stressed that the CBN will remain open, transparent, and communicative, raising the standard of public expectations and safeguarding against past missteps.
Highlighting the Bank’s digital finance agenda, Cardoso emphasised collaboration with Nigeria’s fintech sector to address regulatory and operational challenges and drive financial inclusion across Africa.
He also underscored the importance of strong coordination between fiscal and monetary authorities, noting that the presence of fiscal representatives on the CBN Board and Monetary Policy Committee ensures sustainable growth.
Cardoso confirmed that inflation has fallen sharply, exchange rate stability has improved, and reforms have positioned Nigeria’s economy for significant growth driven by domestic investment, oil sector reforms, and renewed global trust.
“We will continue to maintain stability in inflation and the FX market, with transparency and consistent reporting,” he added, reiterating the Bank’s commitment to effective inflation management.
The Governor concluded that Nigeria’s macroeconomic reforms have shifted the country from stabilization to capital mobilisation, making it an economy to watch as growth drivers deepen and the banking sector becomes one of Africa’s strongest. CBN management is also reviewing policies to establish predictable frameworks that minimise discretion and support long-term growth.
