Photo caption: Governor of the Central Bank of Nigeria, Olayemi Cardoso
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, says the apex bank remains committed to restoring investor confidence and ensuring long-term macroeconomic stability through sustained reforms and institutional transformation.
Cardoso, who made this known in a post on his official X (formerly Twitter) account on Sunday, stated that the CBN had made steady progress in recent weeks in delivering key reforms aimed at strengthening Nigeria’s financial system.
His tweet read, “In recent weeks, we have advanced several critical priorities that reflect the Central Bank we are building, one that is pragmatic, forward-looking, and people-centric.
“Whether deepening Nigeria’s global financial relationships or consolidating vital domestic reforms, our focus remains clear: to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability.”
He listed the launch of the Non-Resident Bank Verification Number platform on May 13 as a major milestone. The platform, developed in partnership with the Nigeria Inter-Bank Settlement System, allows Nigerians in the diaspora to register for BVN remotely, thereby improving financial inclusion while maintaining strict regulatory safeguards.
The CBN governor also noted that the Monetary Policy Committee, at its 300th meeting held between May 19 and 20, voted to retain all key monetary policy parameters, including the Monetary Policy Rate at 27.5 per cent and the Cash Reserve Ratio at 50 per cent for Deposit Money Banks.
He said the decision was taken to consolidate macroeconomic gains amid signs of moderating inflation, stabilising exchange rates, and improving external reserves.
Cardoso further disclosed that the Bank recently held a strategic board retreat in Akwa Ibom State to align its internal operations with its reform objectives. He said the retreat focused on deepening institutional capacity, strengthening governance, and accelerating digital transformation across the CBN.
He also acknowledged recent awards received by the CBN and himself, describing them as recognition of the Bank’s bold reforms. These include the “Market Reform Initiative of the Year” from Nairametrics and “Central Bank Governor of the Year” at the 2025 African Banker Awards.
“There remains much to do. But we are making steady, deliberate progress toward the stronger, more resilient economy that Nigerians rightly expect and deserve,” Cardoso said.
