Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that starting in 2025, the apex bank will regularly share information on the country’s net external reserves.
This disclosure came during the Financial Times Africa Summit in London, where Cardoso emphasized the CBN’s commitment to managing inflation effectively.
Cardoso noted that while he anticipates a moderation in headline inflation in the coming months, food inflation remains a persistent challenge. The CBN is collaborating closely with the government to address these inflationary pressures.
Highlighting a resurgence of foreign investment interest, Cardoso mentioned recent visits to Nigeria by high-profile executives, including Citigroup’s CEO Jane Fraser and JPMorgan’s Jamie Dimon. He stressed the importance of continued reforms to maintain this momentum.
Since President Bola Tinubu took office, the naira has regained some value, making Nigeria’s economy more competitive. However, Cardoso pointed out that fuel prices have increased significantly during the same period.
The governor reported improvements in access to foreign exchange, stating that complaints have significantly decreased compared to previous months. The forex market has become deeper and more accessible for investors.
Cardoso mentioned that Nigeria’s gross foreign exchange reserves have surpassed $40 billion. The CBN’s new transparency measures are aimed at building investor confidence. He also projected that economic growth for 2025 could be around 3.6%, slightly up from an estimated 3.3% this year, indicating optimism regarding Nigeria’s economic trajectory amid ongoing reforms.
