Emmanuel OchayiThe Central Bank of Nigeria (CBN) is making progress in stabilising the foreign exchange (FX) market and reducing inflation, according to Governor Olayemi Cardoso. He made this statement while hosting scholars from the Harvard Kennedy School (HKS) at the CBN headquarters in Abuja.
CBN Sees Positive Signs in Economic Reforms
Cardoso stated that recent policy measures introduced by the CBN are starting to show results. The FX market, which has been volatile in recent years, is beginning to stabilise, and inflationary pressures are gradually easing. He pointed out that while challenges remain, key economic indicators suggest that Nigeria’s financial system is on the right path.
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He emphasised the CBN’s commitment to policy-driven solutions that enhance trust in the financial system. According to him, strengthening the CBN as a thought leader in economic policymaking is a priority.
Harvard Scholars Visit CBN Headquarters
The visit by Harvard Kennedy School scholars marked the first time a Harvard Africa Trek delegation had engaged with the CBN. The delegation consisted of 50 students from 19 countries, including representatives from Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University.
Cardoso, an alumnus of HKS and the first African elected to its global Alumni Board of Directors, highlighted the importance of knowledge exchange between Nigerian policymakers and international scholars. He noted that exposure to global perspectives is crucial in shaping effective economic policies.
CBN Gains Attention from Global Financial Institutions
The CBN governor pointed to increased interest from international financial institutions as a sign of growing investor confidence in Nigeria. He mentioned recent visits by senior executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as indicators that Nigeria’s economic direction is attracting global recognition.
“These are organisations that base decisions on data and market trends, not sentiment. Their interest confirms that we are making progress,” Cardoso said.
He stressed that such engagements with global financial players reinforce the CBN’s policy approach and help build trust in Nigeria’s economic future.
CBN’s Role in Strengthening Economic Stability
Cardoso reaffirmed the CBN’s dedication to ensuring a stable and resilient economy. He acknowledged that inflation and exchange rate fluctuations remain critical concerns but expressed optimism about the impact of ongoing policy measures.
The CBN has implemented several reforms aimed at improving liquidity in the FX market and reducing inflation. By addressing structural issues in the economy, the bank hopes to create a more predictable financial environment that supports both local and international investors.
Harvard Alumni Praise CBN’s Economic Efforts
The 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 its engagement with future policymakers. They acknowledged the bank’s role in fostering economic discussions that contribute to Nigeria’s long-term growth.
The Africa Trek initiative, which includes visits to key institutions across the continent, serves as a platform for discussions on governance, economic development, and innovation. Through such engagements, the CBN continues to position itself as a central player in shaping Nigeria’s financial future.
CBN’s Policy Direction and Future Prospects
As Nigeria navigates economic challenges, the CBN remains focused on stabilising the FX market and reducing inflation. The bank’s interactions with international institutions and scholars indicate a commitment to evidence-based policymaking.
Cardoso’s emphasis on trust, data-driven decisions, and global collaboration highlights the CBN’s strategy for long-term economic stability. While challenges persist, the bank’s efforts are gradually reshaping Nigeria’s financial landscape.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
