The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the bank is witnessing early signs of success in its efforts to stabilize the foreign exchange (FX) market and mitigate inflation, thanks to the positive impact of recent policy reforms.
Cardoso shared this progress during an engaging session with scholars from the prestigious Harvard Kennedy School (HKS) at the CBN headquarters in Abuja. This visit, which was part of the Africa Trek initiative, marked a historic first as a Harvard Africa Trek delegation visited the CBN, underscoring the growing global interest in Nigeria’s economic transformation.
The delegation consisted of 50 students representing 19 countries, including members from top institutions like Harvard Business School, MIT, and Stanford University.
As an alumnus of the HKS and the first African to be elected to the global HKS Alumni Board of Directors, Cardoso expressed his enthusiasm for this collaboration. He reiterated the bank’s commitment to policy-driven solutions and fostering trust in Nigeria’s financial system. “As we reset the Bank, we are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” Cardoso remarked.
Addressing the nation’s macroeconomic outlook, Cardoso acknowledged the challenges Nigeria has faced but also pointed to encouraging signs of improvement. He noted that the FX market is gradually stabilizing, and inflationary pressures are beginning to ease, signaling that the country’s economic fundamentals are strengthening.
“In recent months, we’ve seen progress in the FX market, and inflation is showing signs of moderation. These positive indicators are a direct result of the targeted policies we’ve implemented,” he said.
Cardoso also highlighted the growing interest from global financial institutions as a testament to the positive trajectory of Nigeria’s economy. He mentioned high-profile visits from executives at JP Morgan, Citi Bank, and the International Monetary Fund (IMF), noting that their interest is driven by data and trends, not just sentiment. “The fact that these institutions are taking notice reaffirms that we are on the right path,” Cardoso added.
The Harvard delegation, which fosters dialogue between emerging global leaders and African policymakers, praised the CBN for its commitment to engagement with future leaders. Adaora Ndukwe, President of the Harvard Kennedy School Alumni Association of Nigeria, and Sheffy Kolade, the HKS Nigeria Trek Delegation Lead, both commended the CBN for hosting the students and for its continued efforts in shaping Nigeria’s economic future.
The Africa Trek serves as an important platform for discussing governance, economic development, innovation, and the crucial role central banks play in fostering national growth.
The CBN’s openness to such interactions reflects its determination to engage with the global community and build lasting relationships for Nigeria’s continued progress.
As Nigeria navigates its economic challenges, Cardoso’s leadership at the CBN continues to inspire optimism, setting the stage for a more resilient financial system and a stronger economy.
