*Photo: CBN Governor Olayemi Cardoso*
Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso has said the recent banking recapitalisation exercise, which raised ₦4.65 trillion and attracted diversified participation of 72.55 per cent domestic and 27.45 per cent foreign, underscored both international confidence and domestic ownership.
Cardoso said this as the 2026 Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB) ended in Washington.
He said the CBN’s target of $1 billion in remittances per month by the end of 2026 remains on track. He challenged the banks to leverage the enabling environment created by the CBN to ensure that those in the Diaspora can work through the system seamlessly.
Cardoso was upbeat about the country’s reserve levels. He maintained that the Nigerian foreign exchange market is now more market-driven and has sufficient liquidity to operate on its own.
He said the CBN remains firmly on track, focused on building on existing gains, sustaining reforms, and strengthening institutional capacity to deliver long-term macroeconomic stability.
He added that “Nigeria demonstrated strong leadership at the meetings, reaffirming its commitment to reforms that promote stability, growth, and opportunity.
“Despite global uncertainty, Nigeria’s reform progress continues to stand out. Our policies are strengthening the naira, boosting reserves, and building investor confidence and capital inflows.
“Reforms are delivering results: lower inflation, stable FX markets, and stronger monetary policy are helping to build a solid foundation for long-term growth.”
The CBN Governor reiterated that Nigeria is proud to host the African Monetary Institute (AMI) in Abuja, a key step towards deeper African monetary cooperation and integration.
“Our focus is unwavering: sustain reforms, strengthen institutions, and ensure data-driven decisions that support a stable, growing economy for all Nigerians,” Cardoso said.
Speaking on CBN’s partnership with IMF’s AFRITAC West II, Cardoso underscored his commitment to enhancing human capacity and building strong institutions by emphasising the need to invest in people and to make it a way of life.