Governor Olayemi Cardoso of the Central Bank of Nigeria has expressed optimism about the progress in stabilizing the foreign exchange market and controlling inflation.
He noted that recent policy reforms are beginning to show positive results.
Cardoso made this disclosure during an interaction with scholars from the Harvard Kennedy School at the CBN headquarters in Abuja in Tuesday.
The scholars from the Harvard Kennedy School were in Nigeria as part of the Africa Trek initiative, which also included a stop in Ghana. This visit was particularly significant as it marked the first time a Harvard Africa Trek delegation had visited the Central Bank of Nigeria.
The delegation consisted of 50 students from 19 countries, including representatives from Harvard Business School, the Massachusetts Institute of Technology, and Stanford University.
In the statement, Cardoso, an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, emphasized the Bank’s commitment to driving policy solutions and enhancing 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.
He mentioned that the foreign exchange market is stabilizing and inflationary pressures are slowly 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.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path.”
Cardoso also pointed to the increasing interest from international institutions as a positive sign, citing recent visits by senior executives from JP Morgan, Citi Bank, and the International Monetary Fund as proof of renewed investor confidence.
President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and Sheffy Kolade, the HKS Nigeria Trek Delegation Lead, praised the CBN for hosting the students and for its ongoing engagement with future policymakers.
The Africa Trek aims to foster direct interaction between emerging global leaders and key African policymakers.
