Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said, he has advanced several critical priorities which reflect a “pragmatic, forward-looking and people-centric” Central Bank that he is building.
He made it clear that, the “focus is to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability.”
Cardoso listed the launch of the Non-Resident Bank Verification Number (NRBVN) platform in May as a “key milestone” which the CBN achieved in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), saying, “this is a breakthrough for Nigerians in the diaspora, enabling secure, remote BVN registration and removing long-standing barriers to financial inclusion”.
Olayemi Cardoso said: “In recent weeks, we have advanced several critical priorities that reflect the Central Bank we are building, one that is pragmatic, forward-looking, and people centric. Whether deepening Nigeria’s global financial relationships or consolidating vital domestic reforms, our focus remains clear: to restore confidence, unlock opportunity, and lay the foundation for long-term economic stability.
“A key milestone came on May 13 with the launch of the Non-Resident Bank Verification Number (NRBVN) platform, developed in partnership with @NIBSS_NG. This is a breakthrough for Nigerians in the diaspora, enabling secure, remote BVN registration and removing long-standing barriers to financial inclusion. Our goal is to keep refining the platform to help us meet our broader remittance targets, while ensuring that KYC and AML safeguards remain firmly in place.
“Just days later, at the 300th meeting of the Monetary Policy Committee (May 19–20), we unanimously agreed to maintain all key policy parameters: the Monetary Policy Rate at 27.5%, the Cash Reserve Ratio at 50% for Deposit Money Banks and 16% for Merchant Banks, and the Liquidity Ratio at 30%. This decision reflects our resolve to consolidate recent gains in macroeconomic stability. Encouraging signs continue to emerge: inflation is showing signs of moderation, foreign exchange markets are stabilizing, and external reserves are strengthening, even as we remain vigilant to risks in food and energy prices and global demand conditions.”
The CBN Governor disclosed, he assembled a “strategic board” in Akwa Ibom State under the theme ‘Consolidating the CBN Transformation Journey: People, Governance, Process, and Technology Imperatives’ with the aim to “reflect and realign, ensuring that our reform agenda evolves into a sustainable institutional culture”.
Cardoso said: “Beyond policy, we convened a strategic board retreat in Akwa Ibom State under the theme “Consolidating the CBN Transformation Journey: People, Governance, Process, and Technology Imperatives.” It was a timely pause for reflection and realignment, ensuring that our reform agenda evolves into a sustainable institutional culture. Our discussions focused on strengthening internal capacity: cultivating leadership pipelines, embedding stronger governance, streamlining processes, and accelerating digital transformation, all aimed at delivering with greater consistency, agility, and integrity.
“Recognition of this work has come from several quarters. It was a privilege to receive the Award for Transformative Leadership at the 2025 @Nairametrics Capital Market Choice Awards, and a proud moment for the institution as the Central Bank of Nigeria was named “Market Reform Initiative of the Year.””
Coming to the “Continental Stage”, the CBN Governor was named Central Bank Governor of the Year at the African Banker Awards 2025 in Abidjan, Ivory Coast, as the “jury cited the Bank’s bold but necessary reforms, including improvements to foreign exchange management”.
He admitted, despite the “steady and deliberate progress”, there is still work to do to ensure a “stronger, more resilient economy that Nigerians rightly expect and deserve.”
Cardoso said: “On the continental stage, I was deeply honoured to be named Central Bank Governor of the Year at the African Banker Awards 2025 in Abidjan. The jury cited the Bank’s bold but necessary reforms, including improvements to foreign exchange management, the ongoing banking sector recapitalisation, and a strengthened regulatory framework, as key contributors to renewed investor confidence and macroeconomic stability.
“These recognitions reflect the tireless work of teams across the Bank and within the wider financial ecosystem. Together, we are taking the steps, sometimes difficult but always essential, to restore trust and build resilience in Nigeria’s economy.
“On a more personal note, I was grateful to attend the inauguration Mass for His Holiness Pope Leo XIV, the 267th Bishop of Rome. It was a moment of deep reflection and spiritual clarity, a reminder of the values that should shape leadership and service.
“There remains much to do. But we are making steady, deliberate progress, toward the stronger, more resilient economy that Nigerians rightly expect and deserve.”
Photo: X/@olayemicardoso
