The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that the apex financial institution is achieving consistent advancements in stabilizing the foreign exchange market and managing inflationary pressures.
According to a press release issued by the Central Bank of Nigeria on Tuesday, Cardoso made this declaration during a meeting with a delegation of scholars from the Harvard Kennedy School at the Central Bank of Nigeria headquarters in Abuja.
The visit formed part of the scholars’ Africa Trek, which also incorporated stops in Ghana. The delegation consisted of 50 students from 19 countries, including representatives from the Harvard Business School, Massachusetts Institute of Technology, and Stanford University.
This visit marked the inaugural occasion that a Harvard Africa Trek delegation has visited the Central Bank of Nigeria. Addressing the delegation, Cardoso, an alumnus of the Harvard Kennedy School and the first African elected to the global Harvard Kennedy School Alumni Board of Directors, affirmed the Bank’s commitment to fostering intellectual discourse and promoting policy-oriented solutions.
“As we restructure the Bank, we are dedicated to establishing a hub for thought leadership. The insights you acquire from institutions like Harvard are invaluable, and we view this as an opportunity to cultivate enduring alliances,” he stated.
The Central Bank of Nigeria governor observed that while Nigeria’s economy has encountered recent challenges, key indicators suggest that improvements are underway. He asserted that ongoing reforms are beginning to manifest in increased stability within the foreign exchange market and a gradual moderation of inflationary pressures.
The statement read, “Addressing Nigeria’s economic landscape, Mr. Cardoso acknowledged recent challenges but emphasized progress in stabilizing the foreign exchange market and curbing inflation.”
Cardoso also cited recent visits by executives from JP Morgan, Citibank, and the International Monetary Fund as evidence of renewed investor confidence in Nigeria’s economy.
“These individuals base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the correct path,” he added.
The President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and the Harvard Kennedy School Nigeria Trek Delegation Lead, Ms. Sheffy Kolade, expressed gratitude to the Central Bank of Nigeria for hosting the students.
They commended the bank’s willingness to engage with future policymakers and provide them with firsthand insights into Nigeria’s economic landscape.
The Africa Trek initiative is designed to facilitate direct interactions between emerging global leaders and key policymakers on the continent. It provides a platform for in-depth discussions concerning governance, innovation, economic development, and the role of central banking in national progress, the statement noted.
