Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has restated the bank’s commitment to economic stability, resilient financial institutions, and renewed investor confidence in the country’s monetary policy.
Speaking at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos, Cardoso said the ongoing recapitalisation of commercial banks was progressing well and would strengthen their ability to withstand shocks and finance economic growth.
He noted that while inflation remains high, it is gradually declining due to monetary tightening, with further benefits expected as policies take effect. “We will guard very jealously the stability that has been restored in the financial system,” he said, stressing that the CBN’s priority was to maintain stability while tackling inflation and ensuring banks could support lending and investment.
On concerns over high lending rates, Cardoso said lower rates would follow once inflation eases and markets allocate capital more efficiently. He explained that the recapitalisation directive, which requires banks to raise their minimum capital, was aimed at ensuring resilience and supporting broader economic activity.
The CBN governor also highlighted efforts to expand financial inclusion, strengthen fintech operations, and deepen collaboration with fiscal authorities, including the Ministries of Finance, Trade and Industry, and the Budget Office. He emphasised that stability at home was vital to Nigeria’s position in the global economy, given its size and role as a gateway to West Africa.
Eurocham members welcomed the CBN’s reforms, with President Yann Gilbert describing the chamber as a bridge between European businesses and Nigerian policymakers. “Our members are deeply committed to this country,” Gilbert said. “We want to invest, create jobs, and build lasting partnerships.”
