The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said that Nigeria’s ongoing economic reforms are beginning to produce tangible results.
Speaking on Friday in Washington DC at the conclusion of the IMF/World Bank Annual Meetings, Cardoso noted that the reforms are steering the country toward stability, inclusiveness, and innovation-driven growth.
He added that Nigeria’s active engagement during the week-long sessions highlighted its renewed credibility, fiscal discipline, and reform commitment on the global stage.
According to him, the Nigerian delegation’s assurances of policy consistency and macroeconomic reform were positively received by international investors, development partners, and financial institutions.
“This has been an active and forward-looking week for Nigeria.
“Amidst global uncertainty marked by slowing growth and volatile markets, our engagements here reaffirmed that Nigeria is moving in the right direction, towards macroeconomic stability, fiscal discipline, and inclusive growth,” he said.
The CBN governor said that the engagements reflected a new tone of confidence and constructive partnership.
He said that there was a broad recognition that Nigeria’s reforms were delivering results, adding that Inflation was moderating.
“The exchange rate stabilized, and investor confidence is returning,” he said.
He said that headline inflation fell for the sixth consecutive month in September to 18.02 per cent from 20.12 per cent in August, the lowest in three years.
According to him, core and food inflation also eased during the same period, reflecting the combined effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.
He said that Nigeria’s foreign reserves now exceeded 43bn dollars, providing for 11 months of import cover.
“The naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two per cent.
“These outcomes have been supported by sustained capital inflows, increased diaspora remittances and renewed investor participation across multiple asset classes,” he said.
