Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said the apex bank’s ongoing reforms in exchange rate management, monetary policy, and financial system stability are laying a strong foundation for sustainable economic growth and renewed investor confidence.
Speaking during a fireside chat at the 14th Annual BusinessDay CEO Forum 2026 held at the Eko Hotel, Lagos, Cardoso highlighted key gains recorded under the CBN’s reform agenda, noting that Nigeria’s gross external reserves have grown organically to 52 billion dollars, providing about 10 months of import cover, while net foreign reserves have increased to approximately 40 billion dollars, significantly strengthening the country’s external position.
The CBN Governor disclosed that the Bank remain committed to achieving 1 billion dollars in monthly diaspora remittances by the end of 2026, adding that the foreign exchange market has become sufficiently liquid to operate with minimal intervention from the apex bank.
Cardoso also revealed that the ongoing bank recapitalisation exercise has attracted about ₦4.65 trillion in fresh capital, a development he said has further strengthened the resilience of Nigeria’s banking sector through enhanced regulation and oversight.
He noted that confidence in Nigeria’s payment system has improved considerably, with Nigerians now able to use their bank debit cards seamlessly for transactions abroad.
According to him, as inflation continues to moderate and interest rates gradually decline, the CBN expects banks to increase lending to productive sectors of the economy, especially small and medium-sized enterprises (SMEs), while maintaining prudent risk management practices.
Cardoso reaffirmed the apex bank’s commitment to working closely with financial institutions to enhance their operational capacity and align Nigeria’s banking system with international best practices.
Addressing business leaders at the forum, the CBN Governor urged Nigerian chief executives to take advantage of the country’s improving macroeconomic environment by investing in productive ventures rather than remaining on the sidelines.
He said the difficult but necessary reforms had begun to yield positive results, creating a more stable and predictable business environment.
“Where we are now, we have achieved hard-earned stability. With stability comes the potential for investment, and with investment comes growth. All our local CEOs should be part and parcel of that train that is moving,” Cardoso stated.
