By: Chioma Vivian James
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has declared that the apex bank’s far-reaching reforms in monetary policy, exchange rate management, and financial sector oversight are delivering tangible results, strengthening economic stability and restoring investor confidence across the country.
Speaking during a fireside chat at the 14th Annual BusinessDay CEO Forum 2026 held at Eko Hotel, Lagos, Cardoso said the reform measures introduced by the CBN have begun to transform Nigeria’s macroeconomic landscape, creating a more stable and predictable environment for businesses and investors.
A major highlight of the Governor’s address was the significant improvement in Nigeria’s external reserves position. According to Cardoso, gross external reserves have risen organically to approximately $52 billion, providing about ten months of import cover, while net foreign reserves have climbed to nearly $40 billion. He noted that these gains have substantially strengthened Nigeria’s external buffers and improved the country’s capacity to withstand global economic shocks
Cardoso also disclosed that the CBN remains focused on increasing diaspora remittances, with a target of achieving $1 billion in monthly inflows by the end of 2026. He added that improved confidence in the foreign exchange market has enhanced liquidity levels, allowing the market to function with minimal intervention from the central bank.
The ongoing bank recapitalisation programme has emerged as another key success story. The Governor revealed that the exercise has attracted approximately ₦4.65 trillion in fresh capital, further reinforcing the resilience and capacity of Nigeria’s banking sector. He stressed that stronger capital bases, combined with enhanced regulatory oversight, are positioning Nigerian banks to better support economic growth while maintaining financial stability.
Beyond the banking sector, Cardoso highlighted growing confidence in Nigeria’s payment ecosystem, noting that Nigerians can now use their bank debit cards more seamlessly for international transactions—an indication of renewed trust in the country’s financial infrastructure.
Looking ahead, the CBN Governor expressed optimism that moderating inflation and gradually declining interest rates would encourage greater lending to productive sectors of the economy. He emphasized that small and medium-sized enterprises (SMEs), which remain critical drivers of employment and economic activity, stand to benefit significantly from increased access to credit, provided prudent risk management standards are maintained.
Cardoso reaffirmed the apex bank’s commitment to collaborating with financial institutions to strengthen operational capacity, improve governance standards, and align Nigeria’s banking system with global best practices.
Addressing chief executives and business leaders at the forum, he urged the private sector to seize emerging opportunities created by the improving economic environment. He argued that the difficult but necessary reforms undertaken in recent years are beginning to yield measurable outcomes and provide a solid foundation for long-term growth.
“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 said.
His remarks underscore the CBN’s confidence that ongoing reforms are not only restoring macroeconomic stability but also laying the groundwork for increased investment, stronger private sector participation, and sustainable economic development in Nigeria.
