CBN Making Progress In Stabilising FX Market, Curbing Inflation — Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the bank is beginning to see signs of progress in stabilising the foreign exchange (FX) market and curbing inflation, as recent policy reforms start to yield results.
Cardoso stated this during an engagement with scholars from the Harvard Kennedy School (HKS) at the CBN headquarters in Abuja.
The scholars were visiting Nigeria as part of the Africa Trek initiative, which also included a stop in Ghana.
The visit marked the first time a Harvard Africa Trek delegation would visit the Central Bank of Nigeria.
The delegation was comprised of 50 students from 19 countries, including representatives from Harvard Business School, Massachusetts Institute of Technology (MIT), and Stanford University.
In a statement issued by the CBN on Tuesday, Cardoso, who is an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, reiterated the Bank’s commitment to driving policy-oriented solutions and strengthening 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 said.
While addressing Nigeria’s macroeconomic outlook, he acknowledged existing challenges but pointed to key indicators suggesting improvement.
He noted that the FX market is beginning to stabilise and that inflationary pressures are gradually moderating.
The statement read, “Addressing Nigeria’s economic landscape, Mr Cardoso acknowledged recent challenges but highlighted progress in stabilizing the foreign exchange market and curbing inflation.”
Cardoso also highlighted the growing interest from international institutions as a positive signal. He referenced recent visits from senior executives at JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as evidence of renewed investor confidence.
“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.
President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and the HKS Nigeria Trek Delegation Lead, Sheffy Kolade, commended the CBN for hosting the students and for its continued engagement with future policymakers.
The Africa Trek is designed to facilitate direct interaction between emerging global leaders and key African policymakers.
It serves as a platform for discussions on governance, innovation, economic development, and the strategic role of central banks in national growth.
