Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has reiterated the bank’s commitment and efforts to stabilise the foreign exchange market and curb inflation, emphasising progress in restoring investor confidence and macroeconomic stability.
Speaking during a visit by a Harvard Kennedy School (HKS) delegation, Cardoso highlighted key reforms under his leadership, including the unification of Nigeria’s exchange rate system and the clearance of a $7 billion FX backlog.
These measures, have boosted foreign reserves to over $40 billion, the highest in nearly three years, while attracting significant foreign portfolio inflows.
Cardoso also addressed concerns around inflationary pressures, noting the CBN’s aggressive monetary tightening saw the Monetary Policy Rate rise by 875 basis points to 27.5%.
Cardoso, also reiterated the CBN’s commitment to fostering intellectual engagement and policy-driven solutions.
The scholars’ visit to the CBN headquarters in Abuja brought together 50 students from 19 countries, including representatives from the HKS, Harvard Business School, Massachusetts Institute of Technology (MIT), and Stanford University.
The visit was a part of their Africa Trek, which included visits to Ghana and Nigeria.
As an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, as well as a trustee of both the Harvard Club of Nigeria and the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), Cardoso emphasised the value of exchanging ideas and fostering partnerships to strengthen trust and understanding 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,” he stated.
Addressing Nigeria’s economic landscape, Cardoso acknowledged recent challenges but highlighted progress in stabilising the foreign exchange market and curbing inflation.
He also noted recent visits by top executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as indicators of growing investor confidence in Nigeria’s economic trajectory.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
In their remarks, Adaora Ndukwe, President of HKSAAN, and Sheffy Kolade, HKS Nigeria Trek Delegation Lead, expressed appreciation to the CBN for hosting the delegation.
They commended the Bank’s commitment to engaging with future policymakers and providing invaluable first-hand insights into Nigeria’s evolving economic landscape.
The Africa Trek initiative fosters direct interactions between emerging global leaders and key policymakers across the continent.
Through engagements with visionary leaders, it provides a platform for in-depth discussions on governance, innovation, economic development, financial stability, and the role of central banking in national development.
This visit marked the first time any Africa Trek delegation has visited the Central Bank of Nigeria, further reinforcing the Bank’s dedication to knowledge exchange and strategic partnerships.
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