
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, stated that without the bank’s policy interventions, inflation in Nigeria could have surged to 42.81% by December 2024....CLICK HERE TO READ THE FULL ARTICLE➤
Speaking at the 2025 Monetary Policy Forum, Cardoso highlighted key measures taken to stabilize the economy, including raising the Monetary Policy Rate (MPR) to 27.50% and increasing the Cash Reserve Ratio to 50.00%. He also projected a significant rise in diaspora remittances, expected to reach N31.79 trillion, due to market reforms like unifying exchange rate windows, which boosted remittances via International Money Transfer Operators by 79.4%.
The forum discussed major foreign exchange interventions, such as clearing a $7 billion FX backlog, lifting restrictions on 41 previously banned items, and introducing new bank capital requirements effective March 2026. Cardoso emphasized the need for strong policy coordination to sustain disinflation, restore purchasing power, and ease economic hardship.
He expressed optimism about Nigeria’s economic outlook but stressed the importance of investor confidence, macroeconomic stability, and positive returns to attract global capital. The CBN’s shift to orthodox monetary policies, introduction of the Nigeria Foreign Exchange Code, and financial inclusion efforts, such as the WIFI initiative for women, were all part of efforts to restore trust and boost confidence in the financial system.
Cardoso reaffirmed the CBN’s commitment to maintaining economic resilience, emphasizing that achieving macroeconomic stability requires continuous vigilance and proactive monetary policies. ...CLICK HERE TO READ THE FULL ARTICLE➤
Be the first to comment