2025: CBN committed to properous economy —Cardoso

AS 2025 begins, the Central Bank of Nigeria (CBN) reaffirms its commitment to fostering a resilient and prosperous economy.

In a post shared on his official X (formerly Twitter) handle over the weekend, CBN Governor Olayemi Cardoso,  emphasized the bank’s focus on three key pillars: price stability, financial system resilience, and inclusive growth.

Reflecting on 2024, Cardoso described it as a transformative year marked by bold decisions, collective resilience, and significant progress. Before the new leadership’s appointment, Nigeria grappled with severe economic challenges, including soaring inflation, multiple exchange rate distortions, unsustainable deficit financing, and quasi-fiscal interventions that eroded market confidence.

“In response to these challenges, the CBN implemented a series of reforms that stabilized our macroeconomic environment and restored trust,” Cardoso stated. He noted that through transparent engagement with stakeholders—ranging from local communities to international partners—the CBN enhanced Nigeria’s credibility on the global stage while addressing critical domestic issues.

According to the bank, key actions taken in 2024 included: Clearing $7 billion in verified foreign exchange (FX) commitments; Discontinuing quasi-fiscal interventions by the CBN; Unifying multiple exchange rate windows.

Additionally, the CBN introduced policies targeting the FX market, remittances, financial inclusion, diaspora engagement, private sector growth, and regulatory compliance. These efforts contributed to a significant rise in foreign capital inflows, which exceeded $6 billion in 2024. Nigeria’s external reserves also grew to over $40 billion, reflecting renewed investor confidence in the economy.

Cardoso highlighted that in 2025, the CBN will build on this momentum by: Implementing sound monetary policies to safeguard the nation’s economic future; Strengthening regulatory frameworks to inspire stability and confidence; Advancing initiatives to drive inclusive and sustainable growth.

“The CBN is committed to driving sustainable and inclusive growth in support of Nigeria’s aspiration to achieve a $1 trillion economy. Our vision is clear: to be a trusted and respected central bank that promotes confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation,” he affirmed.

Analysts have lauded the CBN Governor’s strategic vision for 2025, expressing optimism about Nigeria’s economic trajectory. They emphasized the importance of complementary fiscal policies to support the monetary authority’s efforts and sustain the current growth momentum.

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