CBN Reaffirms Commitment to Economic Stability, Cardoso Assures in Kano

The Central Bank of Nigeria (CBN) has reiterated its determination to safeguard economic stability and strengthen the financial sector, with Governor Olayemi Cardoso assuring Nigerians that ongoing reforms are already yielding positive results. Speaking at an event in Kano, Cardoso stressed that the apex bank remains focused on restoring confidence in the financial system, stabilising the naira, and keeping inflation under control while supporting growth.

Cardoso explained that the CBN’s recent measures, including monetary tightening, improved foreign exchange management, and banking recapitalisation, are central to ensuring macroeconomic stability. According to him, the banking system must be resilient enough to withstand shocks, finance businesses, and support the government’s broader economic diversification agenda. He highlighted that the recapitalisation exercise currently underway will make banks stronger, more competitive, and better equipped to drive long-term economic growth.

On the foreign exchange market, Cardoso assured that the CBN has introduced reforms to boost transparency, attract inflows, and reduce volatility. He pointed out that the recent relative stability of the naira is proof that the measures are working, though he admitted that challenges remain. “We are fully committed to protecting the stability of the financial system and ensuring that our policies continue to build confidence both locally and internationally,” he said.

The governor acknowledged that Nigerians are still contending with high inflation, but he noted that recent data indicates that inflationary pressures are beginning to ease. He maintained that consistent monetary and fiscal alignment is key to achieving more sustainable results. According to him, the CBN is working closely with the Ministry of Finance and other government agencies to ensure that economic policies are harmonised for maximum impact.

Cardoso also stressed the importance of financial inclusion and innovation in the CBN’s strategy. He said the apex bank will continue to encourage the growth of fintech and digital banking as part of efforts to expand access to financial services across urban and rural areas. He argued that inclusive financial systems will not only enhance productivity but also help reduce poverty and inequality.

In his remarks, the CBN governor noted that while borrowing costs remain relatively high due to inflation, there is room for gradual improvement as the economy stabilises further. He assured businesses and investors that the apex bank will continue to take steps that create a more predictable operating environment. “Our goal is to maintain stability without compromising growth,” he emphasised.

Cardoso’s comments in Kano come at a time when stakeholders across the country are closely watching the trajectory of the economy, particularly the effects of foreign exchange reforms and banking recapitalisation. His reassurances are expected to calm concerns in the financial markets and among businesses grappling with rising operational costs.

Analysts believe that the CBN’s stance is a positive signal, especially for investors who have been waiting for signs of policy consistency. By affirming the apex bank’s commitment in Kano, Cardoso reinforced the message that Nigeria is on the path to stabilising its financial system, even though the journey requires patience and sustained reforms.

For ordinary Nigerians, the impact of CBN’s policies will be measured by the extent to which inflation continues to moderate, access to credit improves, and the value of the naira remains stable. Cardoso’s assurance suggests that the apex bank is determined to manage these outcomes carefully, with a view to restoring confidence in the economy.

The governor closed his address by emphasising that Nigeria’s economic future depends on discipline, transparency, and effective coordination across all sectors. He urged stakeholders to support the ongoing reforms and assured that the CBN would remain firm in its duty of maintaining monetary and financial stability.