Washington dc: The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, announced that Nigeria’s economic reforms are producing tangible results. Cardoso made these remarks in Washington DC following the conclusion of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank. He emphasized that the ongoing reforms are steering Nigeria toward stability, inclusivity, and growth driven by innovation.
According to News Agency of Nigeria, Cardoso highlighted Nigeria’s active involvement in the week-long sessions, which showcased the nation’s rejuvenated credibility, fiscal responsibility, and reform momentum on the international stage. The Nigerian delegation’s message of policy consistency and macroeconomic reform received positive feedback from global investors, development partners, and financial institutions.
Cardoso remarked, “This has been an active and forward-looking week for Nigeria.” Despite global uncertainties marked by sluggish growth and volatile markets, the meetings reinforced that Nigeria is progressing in the right direction towards macroeconomic stability, fiscal discipline, and inclusive growth. The CBN governor noted that the engagements signaled a new era of confidence and constructive partnerships.
He further stated that there was widespread acknowledgment that Nigeria’s reforms are yielding results, as evidenced by moderating inflation rates. The exchange rate has stabilized, and investor confidence is on the rise. Notably, headline inflation decreased for the sixth consecutive month in September, reaching 18.02 percent from 20.12 percent in August, marking the lowest rate in three years.
Cardoso explained that core and food inflation also eased during the same period, attributing this to disciplined monetary tightening, exchange rate unification, and enhanced market transparency. Additionally, Nigeria’s foreign reserves have surpassed 43 billion dollars, providing 11 months of import coverage.
“The naira has continued to strengthen with the gap between official and parallel market exchange rates narrowing to less than two percent,” Cardoso noted. These outcomes have been bolstered by sustained capital inflows, increased diaspora remittances, and renewed investor participation across various asset classes.