The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the bank’s commitment to stabilising the foreign exchange (FX) market and curbing inflation, highlighting significant progress in restoring investor confidence and enhancing macroeconomic stability.
Cardoso made these remarks during a visit by a delegation from the Harvard Kennedy School (HKS) to the CBN headquarters in Abuja. He outlined key reforms under his leadership, including the unification of Nigeria’s exchange rate system and the successful clearance of a $7 billion FX backlog.
According to Cardoso, these measures have strengthened Nigeria’s foreign reserves, which have now exceeded $40 billion the highest level in nearly three years while also attracting substantial foreign portfolio inflows.
Addressing inflationary pressures, Cardoso noted that the CBN has adopted an aggressive monetary tightening approach, raising the Monetary Policy Rate (MPR) by 875 basis points to 27.5%. He stressed that these measures are aimed at stabilising the naira and controlling inflation.
“We are taking deliberate steps to reset the bank and reinforce confidence in the Nigerian financial system,” Cardoso stated.
As an alumnus of the HKS and the first African elected to the global HKS Alumni Board of Directors, Cardoso emphasised the importance of fostering intellectual engagement and policy-driven solutions. He highlighted the value of exchanging ideas with global institutions as a strategy for strengthening Nigeria’s financial landscape.
“We are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” he said.
The visiting delegation included 50 students from 19 countries, representing HKS, Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University. The visit was part of the Africa Trek, which also included stops in Ghana and Nigeria.
Cardoso pointed to recent visits by top executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as evidence of renewed investor confidence in Nigeria’s economic trajectory.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
Strategic Impact of the Africa Trek
The visit marked the first time an Africa Trek delegation has visited the CBN, underscoring the bank’s commitment to strategic partnerships and global knowledge exchange.
Adaora Ndukwe, President of the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), and Sheffy Kolade, the HKS Nigeria Trek Delegation Lead, expressed appreciation to the CBN for hosting the delegation. They commended the bank’s dedication to engaging with future policymakers and providing valuable insights into Nigeria’s evolving economic landscape.
The Africa Trek initiative facilitates direct interactions between emerging global leaders and key policymakers across the continent, fostering in-depth discussions on governance, innovation, economic development, and the role of central banking in national growth.
Cardoso’s engagement with the delegation reflects the CBN’s broader strategy to position Nigeria as a stable and attractive destination for global investment while reinforcing macroeconomic stability through sound monetary policies.
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