The Central Bank of Nigeria (CBN) has said that it is ready to deploy all available tools to manage inflation effectively as the current reforms are attracting growing interest of foreign investors.
The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso stated this while speaking at the FT Africa Summit in London.
Cardoso said that the recent policy reforms are successfully driving renewed investor confidence in Nigeria.
He said complaints regarding limited FX availability, which was once restricted to a few individuals, are now โminimal,โ signaling restored confidence in Nigeriaโs foreign exchange landscape.
As Nigeria continues to implement wide-reaching reforms, Cardoso emphasized that the global investment community is showing โserious and growing interestโ in the countryโs market.
He cited the recent visits by prominent figures such as Citigroup CEO Jane Fraser and JPMorganโs Jamie Dimon as evidence of this heightened interest.
The governor attributed this increased investor attention to the competitive edge provided by Nigeriaโs moderated currency, which he said has made the economy โa lot more competitiveโ internationally.
โThereโs an enormous amount of interest now, recognizing the fact that the Nigerian currency is relatively moderated and has made our economy a lot more competitive,โ Cardoso stated.
He noted that the ongoing reforms โput Nigeria in a far better position to see growth on the economic side,โ suggesting an optimistic outlook for both investment inflows and overall economic stability.
However, inflation remains a pressing issue. While Cardoso projected that headline inflation may ease in the coming months, he noted that food inflation has proven โstickierโ and may require more focused interventions.
The central bank is actively collaborating with the federal government to tackle this aspect of inflation, which disproportionately affects household purchasing power.
โWe are prepared to deploy every available tool to manage inflation effectively,โ Cardoso added, underscoring the bankโs readiness to use both monetary policy tools and strategic partnerships with the government to achieve price stability.