Cardoso Vows To Bring Down Inflation As CBN Reforms Bolster Investors Confidence
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 “minimal,” signaling restored confidence in Nigeria’s foreign exchange landscape.
As Nigeria continues to implement wide-reaching reforms, Cardoso emphasized that the global investment community is showing “serious and growing interest” in the country’s market.
He cited the recent visits by prominent figures such as Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon as evidence of this heightened interest.
The governor attributed this increased investor attention to the competitive edge provided by Nigeria’s moderated currency, which he said has made the economy “a lot more competitive” internationally.
“There’s 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,” Cardoso stated.
He noted that the ongoing reforms “put Nigeria in a far better position to see growth on the economic side,” 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 “stickier” 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.
“We are prepared to deploy every available tool to manage inflation effectively,” Cardoso added, underscoring the bank’s readiness to use both monetary policy tools and strategic partnerships with the government to achieve price stability.
