The Central Bank of Nigeria (CBN) 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.
Olayemi Cardoso, the apex bank governor, stated this during an engagement with scholars from the Harvard Kennedy School (HKS) at the CBN headquarters in Abuja.
The engagement was part of the scholars’ Africa Trek initiative, which also included a stop in Ghana.
The delegation comprised 50 students from 19 countries, including representatives from the Harvard Business School, Massachusetts Institute of Technology and Stanford University.
It marked the first time a Harvard Africa Trek delegation would visit the Central Bank of Nigeria.
A statement issued by the CBN on Tuesday, said 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,” he said.
The CBN governor noted that while Nigeria’s economy had faced recent challenges, key indicators suggest improvements are underway.
Cardoso said ongoing reforms are beginning to reflect greater stability in the FX market and a gradual moderation in inflationary pressures.
“Addressing Nigeria’s economic landscape, Mr Cardoso acknowledged recent challenges but highlighted progress in stabilizing the foreign exchange market and curbing inflation,” the statement read.
Cardoso also cited recent visits by executives from JP Morgan, Citibank and the International Monetary Fund as signs of renewed investor confidence in Nigeria’s economy.
“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. (Daily Trust)
