Nigeria’s CBN to Deepen Reforms in 2025, Targeting $1 Trillion Economy
The Governor of the Central Bank of Nigeria (CBN), OlayemiCardoso, has reaffirmed the institution’s commitment to consolidating gains made in foreign exchange market reforms, remittance systems, diaspora engagement, and other critical areas in 2025.
In a statement shared on his official X handle, reposted by the CBN’s account (@cenbank), Cardoso outlined the apex bank’s priorities for the year ahead, emphasising transparency, innovation, and investor confidence as cornerstones of its approach.
A Year of Progress
Reflecting on 2024, Cardoso highlighted significant milestones achieved by the CBN in stabilising the naira, including the introduction of the Electronic Foreign Exchange Matching System, which improved transparency in the forex market. Additionally, the bank granted Approval in Principle to 14 new international money transfer operators, bolstering official diaspora remittance channels.
“By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges,” Cardoso stated.
He underscored decisive actions taken by the CBN, including clearing $7 billion in verified foreign exchange commitments, unifying the country’s multiple exchange rate windows, and discontinuing quasi-fiscal interventions previously undertaken by the bank.
Reforms Bearing Fruit
The governor also pointed to the tangible impact of these reforms:
Foreign capital inflows rose by over $6 billion in 2024.
Nigeria’s external reserves climbed to over $40 billion, signaling increased global confidence in the country’s economic outlook.
“These efforts have driven investor confidence, enhanced the efficiency of our financial markets, and sparked innovation across sectors,” he noted.
2025 and Beyond
Looking ahead, Cardoso pledged to build on the momentum achieved in 2024 by implementing robust monetary policies and strengthening regulatory frameworks to inspire stability and confidence.
“This year, the CBN will continue to drive sustainable and inclusive growth to support Nigeria’s aspiration of achieving a $1 trillion economy,” he stated. “Our vision remains clear: a trusted and respected Central Bank promoting confidence in the Nigerian economy, contributing to a stable, inclusive, and competitive nation.”
The $1 trillion economy target has also informed critical policies, including the recapitalisation of the banking sector announced in March 2024. This move, designed to fortify the financial system, aligns with President Bola Tinubu’s broader economic aspirations.
As the CBN embarks on its 2025 agenda, the focus will remain on safeguarding Nigeria’s economic future while fostering prosperity across all sectors of society.
