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Tag: Olayemi Cardoso

  • CBN, UK investors in talks for long-term capital

    CBN, UK investors in talks for long-term capital

    The Central Bank of Nigeria (CBN) and key United Kingdom development finance actors yesterday held talks towards strengthening Nigeria’s financial sector and attracting long-term foreign investment.

    The engagement comes amid renewed efforts by the Federal Government to reposition the economy, stabilise the financial system and create an environment conducive to sustained private-sector investment.

    CBN Governor, Olayemi Cardoso, met with a high-level delegation from British International Investment (BII) and the British High Commission in Abuja.

    The meeting brought together the Chair of BII, Ms. Diana Layfield, and the British High Commissioner to Nigeria, Mr. Richard Montgomery, alongside senior executives of the UK-backed development finance institution.

    Cardoso said the apex bank remains focused on building a stable and trusted financial system capable of supporting economic growth and expanding opportunities for businesses and households.

    “The CBN is committed to macroeconomic stability, a strong and credible monetary policy, and a transparent, data-driven regulatory framework that will strengthen the banking system and improve how money flows to businesses and households,” he said.

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    According to him, development finance institutions play a critical role in Nigeria’s reform journey by providing “patient capital,” promoting strong corporate governance and supporting financial inclusion.

    UK backs Nigeria’s financial reforms

    Ms. Layfield said BII remains keen on investing in Nigeria’s financial services sector and supporting projects capable of delivering inclusive growth, noting that regulatory clarity and predictability are crucial for long-term investment decisions.

    “Nigeria remains an important market for us, and we see strong opportunities in the financial services sector where long-term investment can support stability, inclusion and private-sector development,” she said.

    The British High Commissioner, Mr. Montgomery, also welcomed sustained engagement between Nigeria and the UK, stressing that strong financial systems are central to deepening trade and investment ties between both countries.

    The meeting was attended by members of BII’s board and management, including its Chief Executive Officer, Mr. Leslie Maarsdorp; Non-Executive Directors, Mr. Andrew Alli and Mr. Simon Rowlands; Managing Director and Head of Africa, Mr. Chris Chijiutomi; and West Africa Regional Director and Head of the Nigeria Office, Mr. Benson Adenuga.

    British International Investment, fully owned by the UK Government through the Foreign, Commonwealth and Development Office, manages assets worth about £9.9 billion and supports more than 1,600 businesses across emerging markets.

    Bagudu: reforms fostering stability, investor confidence

    Reinforcing the reform narrative, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said President Tinubu’s economic policies are steadily driving growth, strengthening political consensus and improving investor confidence.

    Bagudu spoke in Abuja while receiving officials of the Agence Française de Développement (AFD) Microeconomic Risk Analysis Due Diligence Mission, led by its Country Director, Mr. Jacky Amprou.

    He said the reforms have improved cooperation between the executive and legislative arms of government, as well as collaboration among the federal, state and local governments.

    “The National Assembly has been very supportive of the President’s bold economic initiatives. Of equal importance is the friendly relationship among the federal, state and local governments,” Bagudu said.

    According to him, despite short-term challenges, the reforms have helped stabilise the naira, sustain investor interest and reduce pre-election economic uncertainty.

    Bagudu disclosed that the administration is targeting a one-trillion-dollar economy within the next five years, driven by inclusive growth and anchored on the Renewed Hope Ward Development Plan, which seeks to identify economic opportunities across the country’s 8,809 wards.

    AFD reviews Nigeria’s reform trajectory

    Earlier, Mr. Amprou said the AFD mission was conducting a broad review of Nigeria’s economic and structural reforms to update its country risk and economic assessment.

    He noted that since 2022, Nigeria has implemented major reforms that have reshaped its economic landscape, adding that the agency is keen to understand how the government plans to consolidate the gains and accelerate development.

    The Permanent Secretary of the Ministry, Dr. Deborah Odoh, said international development support must align with Nigeria’s 2026–2030 National Development Plan, adding that discussions were ongoing for a new AFD–Nigeria Country Partnership Agreement to succeed the current framework ending in 2025.

    Shagari: policies restoring hope, governance

    Adding a political perspective, former Deputy Governor of Sokoto State and Board Chairman of the National Inland Waterways Authority (NIWA), Alhaji Muntari Shagari, said President Tinubu’s policies are reviving purposeful governance and restoring hope among Nigerians.

    Shagari said the Renewed Hope Agenda was addressing deep-rooted structural challenges inherited by the administration, noting that recent reforms had begun to ease economic pressures, including a gradual drop in food prices.

    He acknowledged that the reforms came with initial difficulties but described them as necessary for long-term stability and sustainable growth.

    Shagari also praised the administration’s security reforms and support for the Dangote Refinery, describing the commencement of operations at the facility as a milestone in Nigeria’s drive toward energy security and economic independence.

    On his role at NIWA, he said the blue economy was being prioritised, with renewed focus on safer and more efficient inland water transportation.

    He urged Nigerians to remain patient and supportive of the reform agenda, expressing confidence that the policies would deliver lasting prosperity and national unity.

  • MPC retains key rates as Cardoso projects continued disinflation

    MPC retains key rates as Cardoso projects continued disinflation

    The Central Bank of Nigeria (CBN) on Tuesday retained its Monetary Policy Rate at 27 per cent after the Monetary Policy Committee (MPC) concluded its meeting in Abuja, with Governor Olayemi Cardoso saying the decisions were taken to consolidate the progress already made in moderating inflation and stabilising the financial system.

    Cardoso said that all 12 committee members were present and that the majority voted to keep the monetary policy rate unchanged while adjusting the standing facility corridor around the MPR to +50/-450 basis points.

    The MPC also resolved to maintain the cash reserve requirement for deposit money banks at 45 per cent, keep merchant banks’ CRR at 16 per cent, apply a 75 per cent CRR on non-TSA public sector deposits, and retain the liquidity ratio at 30 per cent.

    He said the decisions were guided by the need “to sustain the progress made so far towards achieving low and stable inflation,” adding that the committee would continue to rely on a data-driven evaluation of economic conditions before taking further steps.

    Cardoso said the MPC welcomed the continued slowdown in inflation for the seventh consecutive month in October 2025. According to him, the easing of inflationary pressure was supported by sustained monetary tightening, a stable exchange rate, increased capital inflows, and a surplus in the current account balance. He added that relative stability in the price of Premium Motor Spirit (PMS) and improved food supply also contributed to the pace of disinflation.

    However, he cautioned that inflation remained high. “Headline inflation is still in double digits, and that requires sustained efforts to moderate it further,” he said. The committee, he noted, agreed that the decline across headline, core and food inflation suggested that the lagged effect of existing policy measures would continue to impact the economy favourably in the months ahead.

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    Cardoso explained that keeping policy parameters unchanged at this time was necessary to ensure that previous rate hikes transmit effectively to the real economy. “Maintaining the current stance of policy, amidst lingering global uncertainties, would allow the effect of previous policy rate hikes to sufficiently transmit to the real economy and further reduce prices,” he said.

    He also spoke about the external sector, noting that members of the committee acknowledged “the robust performance of the external sector, evidenced by the surplus current account balance and steady accretion to reserves, which have contributed to stability in the exchange rate and moderation in inflation.” According to him, the recent upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list were outcomes of the strong cooperation between fiscal and monetary authorities.

    Turning to Nigeria’s $46.7 billion external reserves, the governor said the country was in a favourable position. “On reserve adequacy, we currently have about 10 months of import cover, which is a very good position. In fact, the underlying strength is even greater, as there is significant liquidity within the market that may not be immediately obvious.”

    He linked the boost in reserves to rising non-oil exports, improved oil production, higher remittances, and increasing portfolio investment. “A more competitive currency encourages exports, and we are seeing this especially in non-oil exports. Oil production has also improved compared with where we were previously,” he said.

    “International remittances have risen as well. The important thing is that reserves are being built in a systemic and sustainable way. Portfolio investors are returning because reforms have made Nigeria more attractive, and the market is now more open and transparent.”

    Cardoso noted that broader economic conditions were improving after a turbulent period. “The macro indicators are looking a lot better, and inflation has come down steadily. This time last year it was over 34 percent, and now we are around 16 percent,” he said.

    He described the return to stability as a turning point for long-term growth. “A year and a half or two years ago, there was a lot of instability in our markets. When markets are unstable, investors who would normally invest stay away. Now we have moved from instability to stability. After stability comes investment, and after investment comes growth.”

    According to him, recent GDP figures signal that growth momentum is returning. “If you look closely, you will see that growth has returned over the last couple of quarters. With stability now achieved, investor confidence rises, investment follows, and the issues you mentioned become easier to address.”

    Cardoso defended the CBN’s decision to end direct interventionist lending, saying past programmes created significant fiscal and financial risks. “We did a study of past CBN interventions and found that total interventions amounted to about N10.93 trillion over many years. Out of this, N4.69 trillion—about 43 percent—is still outstanding. Since we came in, we have been able to recover about N2 trillion, but the remaining amount is still very large.”

    He said the bank could not initiate new interventions under such conditions. “We cannot embark on new interventions without risking further distortions. Excessive interventions in the past contributed to economic instability.”

    According to him, the CBN’s shift to a catalyst role, rather than a direct lender, was already yielding results. “In the past, central-bank interventions discouraged commercial players—who could not compete with subsidised CBN rates—from innovating or developing new products. There was also a moral hazard problem: loans were taken as if they did not need to be repaid.”

    He said the new approach supports development finance using market-driven channels. “We are supporting others to make meaningful impact, but in a responsible, sustainable and market-driven way. With proper structure, we believe this approach will ultimately unlock more development finance than past interventions did.”

    Cardoso also referenced Nigeria’s recent removal from the FATF grey list, describing it as a significant achievement. “The Central Bank, NFIU, SEC, EFCC, the Ministry of Finance and all the security agencies worked with incredible unity. This was specially acknowledged by the FATF team. The Vice-President himself attended and chaired the session, demonstrating strong national commitment.”

    He said the country must guard against falling back into previous lapses. “We were not on the grey list three years ago, so certain things happened that pushed us into it. Now that we are off it, everything must be done to ensure we do not slip back.”

    Cardoso added that the exit would improve the global perception of Nigerian banks. “When you are on the grey list, correspondent banks become cautious; once you exit, they are far more willing to deal with Nigerian banks, and pricing becomes more competitive.”

    On the stability of the foreign exchange market, he stressed that the gains were a result of market forces, not artificial support. “We now run a system of willing buyers and willing sellers. People buy and sell freely, and the process is open and transparent. Our NFEM system allows everyone to see who is buying and who is selling.”

    He noted that average daily turnover in the FX market now stands at $500 million, often without CBN participation. “In the past, if the CBN did not intervene, nothing happened. That era is gone.”

    According to him, transparency and consistency have restored confidence in the system. “The spread has narrowed from about 60 percent when we began reforms, to around 2 percent today.”

    Cardoso added that Nigerians were already feeling the impact. “Travellers are witnessing the benefits. The fear and uncertainty that once characterized the market have disappeared. Nigerians can travel and pay with their naira cards without the anxiety that once existed. Nigerians are increasingly proud to hold the naira—and that is a very positive development.”

    Looking ahead, the MPC projected continued moderation in inflation. The committee’s outlook, he said, is that disinflation will persist in the near term, driven largely by the delayed effects of previous tightening measures, sustained stability in the foreign-exchange market, and increased food supply from the ongoing harvest season.

    Cardoso concluded that the MPC “remains committed to an evidence-based policy approach towards achieving the Bank’s mandate of price and financial system stability.”

    Dr. Samson Galadima Simon, Chief Economist at ARKK Economics and Data Limited, Abuja, reacting to this development told The Nation that, “While all forms of inflation; headline, core and food; have been decelerating from the beginning of the year, they’re not doing so at same pace.

    “Food inflation; which is not within the CBN’s purview; is leading the charge. It has reduced by half from 26.08 percent in January to 13.12 percent in October. Core inflation, which squarely sits in the CBN’s remit seems downward stick. As it reduced by a relatively measly a fifth from 22.53 percent to 18.67 percent.,”

    This, he said “shows clearly that the CBN’s job is far from being done. Furthermore, globally inflation target is 1-3 percent and locally in Nigeria it is 6-9 percent. And headline inflation for October is at 16.05 percent . This is twice the ideal. This again, demonstrates it is not yet uhuru. So the CBN in right in holding rates. As it would be premature to cut and growth and supply side would be hampered.

  • CBN Gov welcomes S&P’s upgrade of Nigeria’s outlook to positive

    CBN Gov welcomes S&P’s upgrade of Nigeria’s outlook to positive

    The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has welcomed the decision of S&P Global Ratings to revise Nigeria’s outlook to “positive” from “stable,” describing it as a signal that reforms in the financial system are gaining traction.

    S&P announced the upgrade on Friday citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy. 

    The revision shows that Nigeria is now viewed as having a better chance of achieving stronger credit fundamentals over the medium term. This means S&P now sees Nigeria as more likely to strengthen its economic and financial stability in the coming years, based on recent policy improvements. 

    In practical terms, the agency believes the country has a stronger chance of earning a future credit rating upgrade if current reforms are sustained.

    Speaking at a strategic session in Abuja, Cardoso said the development reflects the steady progress recorded in stabilising key economic indicators since the beginning of the year. 

    According to him: “This is encouraging news for the country. It shows that our efforts to restore stability, strengthen governance frameworks and rebuild trust in the financial system are being recognised internationally.”

    The Governor noted the CBN’s actions—ranging from tighter monetary policies to enhanced foreign exchange market operations—have contributed to clearer market signals and better investor confidence. 

    “The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.

    Cardoso added that the improved outlook should motivate both public and private sector stakeholders to sustain ongoing reforms that support growth, investment, and long-term macroeconomic resilience.

    S&P’s latest position places Nigeria on a stronger footing ahead of future reviews and sends a positive message to global investors assessing opportunities in Africa’s largest economy.

  • How FX reforms boosted investors’ demand for Nigeria’s $2.25b Eurobond issuance

    How FX reforms boosted investors’ demand for Nigeria’s $2.25b Eurobond issuance

    Nigeria successfully raised $2.25 billion through a dual-tranche Eurobond issuance last week, marking a major return to international capital markets. The 10-year and 20-year bonds, priced at 8.625 per cent and 9.125 per cent respectively, were oversubscribed, underscoring strong investor confidence in Nigeria’s fiscal and monetary reforms. Analysts say renewed appetite for Nigerian debt is driven by the Central Bank’s FX reforms, improved fiscal transparency and rising market confidence, reports Assistant Editor COLLINS NWEZE

    Global investors are scrambling for Nigerian assets as the impact of the Central Bank of Nigeria’s (CBN) financial sector reforms continues to reverberate across key segments of the economy. Nigeria is once again earning the confidence of the international investment community, as reflected in the successful issuance of a $2.25 billion dual-tranche Eurobond last week. The Eurobonds, maturing in 2036 and 2046, represent the largest-ever orderbook achieved by the country — a testament to strong investor confidence in Nigeria’s macroeconomic policies and fiscal management. The 10-year, $1.25 billion bond due in 2036 was priced at a coupon of 8.6308 percent, while the 20-year, $1.10 billion note maturing in 2046 carried a coupon of 9.1297 percent.

    According to a statement from the Debt Management Office (DMO), the transaction attracted orders exceeding $13 billion, reflecting broad-based demand from investors across multiple jurisdictions — including the United Kingdom, North America, Europe, Asia, and the Middle East. Domestic investors also participated in the Eurobond offer, signalling strong local confidence in the government’s reform agenda. Prior to the issuance, Nigeria’s investment outlook had improved significantly, drawing positive assessments from global analysts and further strengthening the country’s return to the international capital markets.

    “Nigeria appears to be back in business as long-awaited economic reforms take shape,” said Emre Akcakmak, portfolio manager at East Capital. Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira. “We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community,” Akcakmak said earlier.

    “Portfolio inflows have likely been supported by improved confidence amid key structural reforms, better FX market functioning and moderating dollar-naira volatility, as well as the still-robust nominal yield buffer,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc told Bloomberg. “Besides, Nigeria’s local market is seen as less correlated with global risk conditions than more liquid EM peers,” he added.

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    The reforms takeoff point

    The CBN had embarked on a series of bold reforms to attract more foreign capital to the economy, achieve price and exchange rate stability. In 2023, the new administration and the CBN-led by its Governor, Olayemi Cardoso, liberalised the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection and took strategic steps to reduce surging inflation rate. Since these reforms were implemented, international reserves have increased, and people can now access foreign exchange in the official market.

    Besides, Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market. CBN’s policies, including the currency reforms, led to investment inflows from abroad, and reduced interventions in the domestic forex market. The unification of exchange rates and the clearing of over $7 billion FX backlog raised the country’s investment outlook, with multilateral organisations like the World Bank describing it as bold intervention to improve the economy’s sustainability in the long run.

    Also, Nigeria’s sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy. All these are deliberate efforts to woo investors and sustain capital inflows to the economy. In its efforts to tame inflation, the CBN recently hosted the Monetary Policy Forum 2025, featuring fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars with the theme: “Managing the Disinflation Process.” The forum is a major push to improve monetary policy communication, foster dialogue, and collaborate on critical issues shaping monetary policy.

    During the event, Cardoso explained that the apex bank’s focus is to sustain price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship. He said the apex bank is continuing its disciplined approach to monetary policy, aimed at curbing inflation and stabilising the economy. The CBN boss reiterated that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive and resilient.

    In addressing our economic challenges, collaboration is key. “Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence. Our focus must remain on price stability, the planned transition to an inflation-targeting framework, and strategies to restore purchasing power and ease economic hardship,” Cardoso said.

    The CBN also focused on strengthening the banking sector, introducing new minimum capital requirements for banks (effective March 2026) to ensure resilience and position Nigeria’s banking industry for a $1 trillion economy. These reforms and developments reflect the Bank’s commitment to creating an enabling environment for inclusive economic development.

    However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance. “As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” Cardoso stated.

    Continuing, he said monetary policy easing became necessary following a review of macroeconomic developments. According to him, the decision by the MPC to ease the policy stance was made in the light of improving inflation trends. “The committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025 and the need to support economic recovery efforts,” Cardoso said.

    Assessing positive market reactions

     The naira appreciated last week as Nigeria’s external reserves climbed toward a seven-year high of $46.07 billion, following the successful issuance of Eurobonds. The last time the economy recorded a comparable reserve level was on August 24, 2018, when it stood at $46.09 billion. Data from the CBN showed the naira closing at N1,436.74, gaining N1.75 or 0.12 per cent from N1,438.49 quoted at the NFEM.

    In a note to investors, Dr. Ifeanyi Uba, Head of Investment Research at Comercio Partners Limited, said demand for Nigerian debt has been boosted by ongoing reforms, including fuel subsidy removal and naira devaluation, which, though painful, have improved fiscal transparency and investor confidence. “With emerging market governments issuing nearly $240 billion in debt so far this year, surpassing even pandemic-era levels, Nigeria’s return underscores both the renewed investor hunt for yield and a sign that African frontier economies may once again diversify funding sources amid more favorable global conditions,” he said.

    Other analysts at Comercio Partners described the Eurobond issuance as a strong reaffirmation of investor confidence despite a tense global geopolitical backdrop. They noted that while the inflows will bolster reserves, provide fiscal breathing room, and strengthen Nigeria’s capacity to meet short-term obligations, the move also increases exposure to foreign exchange risk and heightens interest burdens in hard currency. They added that with the Central Bank’s ongoing efforts to unify the FX market and clear outstanding backlogs, actions that have temporarily restored investor confidence, maintaining currency stability will remain critical to sustaining these gains.

    Adebowale Funmi, head of Research at Parthian Securities, said Nigeria’s Eurobond oversubscription by over 400 per cent reflects strong investor confidence in the country’s economic outlook. This renewed optimism is largely driven by ongoing reforms and Nigeria’s recent removal from the FATF grey list, both of which have improved the country’s credibility and perception in global markets.

    The Eurobond Issuance details

    Nigeria’s latest $2.35 billion Eurobond issuance, which includes 10-year and 20-year tranches, marked the largest orderbook in the country’s history, highlighting renewed investor confidence in its macroeconomic and fiscal reforms. The Debt Management Office (DMO) said the debt issuance attracted orders exceeding $13 billion from investors across the United Kingdom, North America, Europe, Asia, and the Middle East. The 10-year $1.25 billion bond maturing in 2036 was priced at a coupon of 8.6308 percent, while the 20-year $1.10 billion note due in 2046 carried a coupon of 9.1297 per cent.

    The DMO also disclosed that Nigerian investors participated in the offer, underscoring domestic support for the government’s reform agenda. The net proceeds from the Eurobond issuance would be used to finance the 2025 fiscal deficit and support the government’s other financing needs. President Bola Ahmed Tinubu said the huge success recorded by the issue was an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.

    He said: “We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the record subscription was an indication of the global confidence in the country’s macroeconomic outlook. “This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth,” Edun said.

    Director General, Debt Management Office (DMO), Patience Oniha, said the issuance attracted demand from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions, underlining the country’s strong support base across geography and investor class. She said: “Nigeria’s ability to access the Eurobond Market to raise long term funding needed to support the growth agenda of President Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.” She explained that the notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.

    Other analysts said the development reflects growing investor confidence in the government’s economic management. “It means one thing, confidence in the Nigerian government,” he said. “The strong subscription to the Eurobond shows that confidence is returning. This is just the beginning, and it demonstrates that things are improving. We are already seeing the results, GDP is growing, exchange rate is stable, and interest rates are coming down. These positive indicators show that the economy is moving in the right direction,” they said.

    The Eurobonds will be listed on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited. Market participants say the listing is expected to enhance liquidity and attract a diverse investor base, reinforcing Nigeria’s status in the global bond market. Joint book-runners for the Eurobond issuance included Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank, while FSDH Merchant Bank Limited served as financial adviser.

  • Expanding e-payment efficiency with PoS policy for cardholders, merchants

    Expanding e-payment efficiency with PoS policy for cardholders, merchants

    Merchants and cardholders stand to benefit immensely from the Central Bank of Nigeria’s (CBN) new Point of Sale (PoS) policy unveiled last week. Beyond boosting convenience and security in transactions, the policy strengthens confidence in the e-payment space and underscores regulatory commitment to deepening financial inclusion. It also enhances access to credit, improves transaction monitoring, and reinforces consumer protection, writes Assistant Editor COLLINS NWEZE

    The Central Bank of Nigeria’s (CBN) cashless policy, reinforced by the rapid adoption of mobile banking, created the fertile ground for Point of Sale (PoS) services to thrive. Today, PoS terminals dot both urban centres and remote villages, offering the banked, unbanked, and underbanked unprecedented access to financial services. Millions of agents now serve as critical bridges, enabling cash withdrawals, deposits, fund transfers, and bill payments daily.

    This grassroots penetration reflects CBN’s broader vision of reducing reliance on cash while deepening digital payments that bring financial services closer to the people. To strengthen this ecosystem, the apex bank recently unveiled new e-payment guidelines: “Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals.”

    The reform, Governor Olayemi Cardoso explained, not only enhances transparency, compliance and security but also reinforces Nigeria’s leadership in digital payments—a system often ahead of many advanced economies, though under-recognised. “Many innovations that other countries are only now experiencing have been part of our system for years. We must celebrate these successes, as they contribute to building our global reputation. Nigeria’s dynamic fintech ecosystem has driven financial inclusion and positioned the country as a hub of innovation in Africa,” he said.

    Cardoso explained that despite a challenging external environment, Nigerian fintechs continue to shine, attracting significant foreign investment and several have achieved global unicorn status this year. Their innovations, alongside other financial service providers, have fuelled growth in transactions and made financial services more affordable and accessible for many more Nigerians. “We must continue to leverage this channel to enhance access to finance and credit, particularly for under-served populations. However, I urge fintech companies and banks to ensure their platforms are not exploited for fraudulent activities. Strengthening the KYC onboarding process is essential to prevent malicious actors from exploiting our financial system.

    “Additionally, these institutions must prioritise improving transaction monitoring and bolstering consumer protection measures to ensure that digital channels remain safe, especially for the most vulnerable segments of our population,” Cardoso said.

    The CBN boss added that while the apex bank continues to lay the foundation for price stability and foster a conducive policy environment, the role of banks in this journey remains crucial. “At the Central Bank, we have intensified surveillance of market activities to ensure compliance. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.

    X-ray of e-payment rules for PoS operators

    The new circular-“Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals,” signed by CBN Director of the Payments System Supervision Department, Rakiya Yusuf, directed banks, fintech companies and other licensed payment operators to install Global Positioning System (GPS) tracking on all Point of Sale (PoS) terminals.

    The move aligns with the apex bank’s bid to tighten oversight of electronic payment transactions in the country. By this policy, all PoS devices must have “native geo-location services enabled, with Double-Frequency GPS receivers for reliable geo-location service.” The operators are also required to register each terminal with a payment terminal service aggregator and provide accurate coordinates of the merchant or agent’s business location.

    It further requires that every PoS machine must capture and transmit its location data at the start of a transaction. Activity outside a 10-metre radius of the registered business or service point will be flagged, while terminals that are not geo-tagged will be barred from processing payments.

    The regulator said existing machines must be tagged within 60 days, and new devices must be tagged before certification and activation. “Geo-location data must be captured at transaction initiation and included in the message payload as a mandatory reporting field: Terminals not directly routed to a PTSA are not permitted to transact.

    “All existing terminals and newly registered terminals must ensure strict adherence always to approved MSC code per sector: All existing terminals must be geo-tagged within 60 days of this circular; new terminals going forward must be geo-tagged before certification and activation,” it said.

    The measures come amid a surge in the use of PoS machines across Nigeria. Once considered an alternative, PoS agents have become a central part of the country’s cash economy, handling millions of payments daily as banks cut branch networks and ATMs often run dry. But rise in PoS usage also raised the risks associated with the business, including rising fraud complaints involving PoS agents. The CBN also directed payment companies to adopt a new global standard for transaction messages, known as ISO 20022, by 31 October.

    The ISO 20022 was designed to create a single global language for transactions, and aligns Nigeria with SWIFT’s migration timeline. However, the biggest move from the regulator is geotagging, which means that every PoS device will now be tied to exact GPS coordinates. The standard, developed by SWIFT, is expected to improve the quality of transaction data and make both domestic and cross-border payments more secure and efficient.

    All PoS devices must run on Android version 10 or higher to integrate with the National Central Switch, which will host the software kit for geolocation monitoring and geo-fencing. “All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications. All Institutions shall ensure complete and accurate population of mandatory data elements, including payer/payee identifiers, merchant/agent identifiers, and transaction metadata. All in-scope institutions must complete migration activities and be fully compliant not later than October 31, 2025,” it said.

    Speaking during CBN Fair in Lagos, CBN Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, explained that as a means of protecting banks’ customers and ensuring that they are not short-changed, the CBN launched the Unified Complaints Tracking System (UCTS), aimed at streamlining and improving the management of consumer complaints against financial institutions. The system, alongside a USSD code (*959#) for verifying licensed institutions, enhances transparency and consumer protection in the Nigerian financial sector. “The core objective of this engagement, therefore, is to sensitize members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said.

    Branch Controller, Central Bank of Nigeria, Lagos, Sunday Daibo, said the apex bank is taking steps to ensure more people are brought into the digital payment network. He said: “In a world where technology is reshaping economies and redefining how people interact with financial services, alternate financial services have emerged not as an option, but as a necessity. They are the bridges connecting the underserved populations to the formal financial system,” he said.

    Industry statistics

    According to Nigeria Interbank Settlement System (NIBSS) data, since their 2013 introduction, PoS terminals have become the go-to for cash for many Nigerians, with about 1,600 PoS operators per square kilometre. There were 8.36 million registered PoS terminals, with 5.90 million active/deployed as of March 2025. Transactions hit N10.51 trillion in Q1 2025, a 301.67 per cent increase from Q1 2024. In 2024, that the Nigerian Interbank Settlement System (NIBSS) had been mandated to develop a geo-fencing plan to prevent terminals from being used outside their deployment addresses. Under this latest directive, NIBSS will disable a terminal that has been moved beyond its certified location.

    To ensure compliance, the CBN has ordered all payment terminals to be registered with a Payment Terminal Service Aggregator (PTSA) —NIBSS or Unified Payment Services Limited — with accurate latitude/longitude coordinates indicating the merchant/agent place of business/service and status. Terminals not directly routed to a PTSA are not permitted to transact, and all operators must ensure that their PoS terminals and applications are certified by the National Central Switch (NCS).

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    Understanding PoS operations

    Presently, the PoS terminal operators and kiosks managers are taking over the market, stepping in to make cash available to customers at premium prices. Daily earnings from a PoS business vary depending on the location, the number of customers, and the services provided. Potential earnings range from N5, 000 to N50, 000 or more, depending on one’s business strategy and execution. With a well-planned and executed business model, the PoS operator can achieve significant daily earnings.

    Tinuke Adebola, a PoS Aggregator based in Lagos, said: “PoS terminals are taking over the financial landscape. Banks are not ready to absorb rising costs of maintaining ATM terminals that require power, security, cash movement; cash handling charges and so on. Banking is profit-driven and ATM terminals are no longer meeting the profit needs of banks.”

    Another PoS Aggregator, based in Central Lagos, Oloye Adigun, said that network quality, availability of PoS machines and cost of the machines are crucial in the business. He disclosed that: “Outright PoS machine (smart version) purchase costs N110,000 while the button version costs N65,000; lease costs N45,000 for smart version, while the button brand costs N25,000.” He said bills payment, bank to bank transfer, cash receipts and payment to third parties, among others are key transactions carried out with PoS machines.

    President, Bank Customers Association of Nigeria, Uju Ogubunka, said banking is fast becoming what one does and not where one goes to “Brick/mortar banking, is giving way to digital banking where transactions are completed in seconds, saving costs and providing convenience to bank customers. Consumers are looking for simple technology-driven solutions customised to meet their everyday needs,” he said.

    Regulatory position

    For the CBN, digital innovations ranging from self-service technologies like cell phones, online and mobile banking, Artificial Intelligence, big data, blockchain technology, distributed ledgers, among others, have greatly challenged orthodox systems and helped improve the operational efficiency of financial institutions as they respond to customer demands for more innovative services.

    Recognising the growing importance of consumer protection in an increasingly digital financial landscape, Cardoso embarked on a comprehensive review of consumer protection regulations. This review sought to upgrade the regulatory framework to address emerging risks posed by the rapid growth of Fintech and digital banking solutions. The goal was to enhance customer service standards and increasing engagement with formal financial institutions, ensuring that consumers have access to reliable, efficient, and secure financial services.

    Cardoso further explained that financial inclusion offers equity and opportunity for all Nigerians.  “Our goal is to ensure that 80 per cent of adults are financially included by 2026. Through partnerships with banks, fintechs, agent banking, and targeted support for women and rural communities, we will create a financial ecosystem that leaves no one behind.

    “Our journey ahead demands trust, and trust is built on transparency and accountability. As regulators, we will continue to engage openly with stakeholders, providing regular updates on policy outcomes and adjusting our strategies based on empirical evidence.”

  • Foreign reserves adds $28.7m, hits $41.10b

    Foreign reserves adds $28.7m, hits $41.10b

    Nigeria’s gross foreign reserves recorded further inflows, adding $28.7 million within 24 hours, closing at $41.10 billion.

    The reserves, which closed at $41.077 billion on August 21, grew to $41.10 billion on August 22, representing estimated $28.7 million inflows in 24 hours.

    The current upbeat shows the reserves have continued to rise, and is expected to also support naira stability.

    The CBN Governor, Olayemi Cardoso said the reserves, which are currently at four-year high, could provide up to 10 months cover for imports.

    The naira also closed at N1,542 to dollar at the parallel market, stronger than N1,550 to dollar it closed last week. At the official market, the naira exchanged at N1,535 to dollar, stronger than N1,540 to dollar at the start of last week.

    According to data from the Central Bank of Nigeria (CBN) reserves movement chart, the gross foreign reserves stood at $41.07 billion on August 21.

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     The reserves earlier hit $40.72 billion on August 13, driven largely by rising forex inflows and marginal increase in crude oil output.

    According to the apex bank, the gross reserves on the average stood at $39.3 billion on August 1, and reached $39.5 billion on August 6, and hit $40.2 billion on August 8.

    The sustained reserves accretion, decline in inflation rate, commodities prices dip as well as long-term naira stability are all positive fallout of the ongoing economic reforms instituted by the federal government.

      Aside the reserves, the naira has also seen sustained stability while the inflation rate has continued to decline, closing July at 21.88 per cent.

    Part of the reserves accretion was triggered by the FX reforms, instituted by the Olayemi Cardoso-led CBN, new policies instituted by the Federal Government to boost local production, reduce forex demand pressure, and lessen domestic prices have been instrumental to macroeconomic stability.

    The expectations are that the apex bank sustains the forex reforms while the fiscal authority strengthens efforts at enhancing FX earnings, especially from gas, oil and non-oil exports.

    President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, said the apex bank under Cardoso has been cultivating multiple FX sources to increase dollar inflows, boost dollar access to manufacturers and retail end users.

     “From moves to improve diaspora remittances through new product development, the granting licenses to new International Money Transfer Operators (IMTOs), implementing a willing buyer-willing seller FX model, and enabling timely access to naira liquidity for IMTOs, the apex bank has simplified dollar-inflow channels for authorized dealers and other players in the value chain,” he said.

  • African Banker names Cardoso Central Bank Governor of the Year

    African Banker names Cardoso Central Bank Governor of the Year

    Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been named the Central Bank Governor of the Year at the 2025 African Banker Awards Gala.

    A statement from the CBN yesterday said the ceremony, which held in Abidjan, Côte d’Ivoire, brought together senior government officials, development finance leaders, and top executives from across Africa’s banking industry.

    The award was presented by African Banker magazine and celebrates Mr. Cardoso’s leadership in spearheading critical monetary and regulatory reforms that have helped restore stability to Nigeria’s financial landscape.

    Organisers credited the award to his “bold and strategic” decisions that have strengthened market confidence and laid the foundation for sustained economic growth.

    In its official statement, the Awards Committee commended the Central Bank’s implementation of measures aimed at stabilising the naira and addressing volatility in the foreign exchange market. It also acknowledged the push for greater transparency and the restoration of policy credibility under Cardoso’s leadership.

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    “These efforts have laid the groundwork for long-term macroeconomic resilience and renewed investor confidence,” the statement read.

    The award was received on behalf of the CBN Governor by Dr. Nkiru Balonwu, Adviser to the Governor on Stakeholder Engagement and Strategic Communication. She was joined on stage by the Director of the Monetary Policy Department, Dr. Victor Oboh, and the Director of the Banking Supervision Department, Dr. Olubukola Akinwumi. Later, they were joined by a member of the CBN’s Monetary Policy Committee (MPC), Dr. Aloysius Uche Ordu.

    Event organisers said the recognition is a testament to the Central Bank’s role in addressing structural challenges in the financial system, managing market expectations, and repositioning Nigeria’s economy on a path of sustainable growth.

    This year’s ceremony attracted a broad spectrum of stakeholders, including finance ministers, central bank governors, CEOs of commercial and development banks, and other influential figures from across the continent.

  • Assessing banks, IMTOs’ roles in non-resident BVN policy execution

    Assessing banks, IMTOs’ roles in non-resident BVN policy execution

    The Central Bank of Nigeria (CBN) has outlined clear roles for banks and International Money Transfer Operators (IMTOs) in implementing the Non-Resident Biometric Verification Number (NRBVN) policy. IMTOs are to integrate with the NRBVN platform to ensure secure, efficient global remittances, while banks must develop products tailored to diaspora needs. The effectiveness of both sectors in fulfilling these responsibilities is crucial to boosting dollar liquidity and strengthening Nigeria’s financial ecosystem for non-resident citizens, reports Assistant Editor COLLINS NWEZE

    Two stakeholders at the centre of the Non-Resident Biometric Verification Number (NRBVN) policy execution are the commercial banks and International Money Transfer Operators (IMTOs). Both segments of the economy play key roles in dollar inflows to the market and have been assigned specific roles by the Olayemi Cardoso-led Central Bank of Nigeria (CBN) in the NRBVN policy implementation.

    Following the recent unveiling of NRBVN in Abuja, the CBN boss directed Nigerian banks to proactively develop and offer products specifically tailored to meet the unique needs and preferences of the diaspora community. The NRBVN launch is seen as a major step to keep remittances inflow to the country soaring and dollar liquidity strong. Cardoso said that offering innovative and attractive financial solutions can greatly enhance diaspora participation, deepen financial inclusion, and significantly boost remittance inflows.

    “Over the past year, our policy frameworks have undergone extensive refinements, informed by sustained dialogue with International Money Transfer Operators (IMTOs). The introduction of the willing buyer, willing seller regime, licensing of additional IMTOs, and market reforms that have facilitated currency convergence are notable examples. Consequently, remittance flows through official channels have risen markedly, from $3.3 billion in 2023 to $4.73 billion last year,” he said.

    He added: “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels”.

    “To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines. This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.”

    The CBN boss further invited the IMTOs to integrate with the NRBVN platform as part of shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally. Cardoso explained that a fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels. He emphasised that the launch was not the final destination, but the beginning of a broader journey.

    “The NRBVN is a dynamic initiative, one that will continue to evolve in response to the needs of its users. It presents a unique opportunity to learn, to innovate, and to adapt. We encourage all stakeholders to engage actively, share insights, and help shape a system that serves millions of Nigerians across geographies and generations. The NRBVN is not just a tool; it is a bridge between Nigeria and its global citizens,” he said.

    He reiterated the CBN’s commitment to reducing the cost of remittances, currently averaging over seven percent in Sub-Saharan Africa. Lowering these costs, he stated, will enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.

    Statistics on dollar inflows via IMTOs

    The value of foreign exchange inflows to the economy through the IMTOs rose sharply in 12 months to $4.76 billion, the apex bank’s quarterly statistical bulletin showed. The report, which covered inflows in 2024, represents a significant 44.5 per cent increase from the $3.30 billion recorded in 2023. The IMTO inflows continue to be a vital source of foreign currency for Nigeria, supporting families, businesses, and the broader economy amid ongoing FX market challenges.

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    The year began with a strong performance in January 2024 as inflows surged 32.5 per cent year-on-year to $390.86 million, compared to $295.21 million in January 2023. This early momentum was maintained in February, with inflows increasing by 67.3 per cent, rising to $326.91 million from $195.23 million the previous year. March continued the positive trend, with IMTO inflows hitting $363.76 million in 2024, up 30 per cent from $279.79 million in March 2023. April saw a leap, with inflows reaching $466.11 million, an 83.3 per cent increase from April 2023’s $254.26 million, marking the highest year-on-year percentage growth in the first half of the year.

    May recorded inflows of $404.75 million in 2024, a 45.3 per cent rise compared to $278.54 million the year before. June was a relatively flat month-on-month but still strong year-on-year, with inflows at $389.79 million, up 40.2 per cent from $278.04 million in June 2023. July and August were the standout months for IMTO inflows, posting the highest volumes of the year. In July 2024, inflows jumped to $552.94 million, more than double the $240.35 million recorded in July 2023, representing a 130% year-on-year increase.

    August maintained this peak momentum with inflows rising to $585.21 million, a 116 per cent increase from $271.24 million in August 2023. These two months alone accounted for nearly a quarter of the total inflows for the entire year, highlighting their critical role in Nigeria’s FX ecosystem. The final four months of 2024 showed a mixed pattern of inflows, reflecting broader economic uncertainties and seasonal effects. September recorded $336.61 million in IMTO inflows, up 40.8 per cent from $238.98 million in the same month of 2023.

    October’s inflows rose modestly to $378.85 million, a 29.1 per cent increase year-on-year. However, November saw a sharp decline, with inflows dropping by 22.1 per cent to $252.28 million from $324.20 million in November 2023. December ended the year on a more positive note, with inflows rebounding to $316.59 million, a 9.1 per cent increase compared to $348.33 million in December 2023. The surge in IMTO inflows is closely tied to the reforms introduced by the CBN under Governor Cardoso since his assumption of office in September 2023.

    Opportunities for diaspora remittances

    According to President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, there are over 1.24 million Nigerian Migrants abroad and 50 per cent of them lives within the African neighbourhood, and the figure is expected to rise in the coming years. Gwadabe listed importance of migrant remittances to the economy to include serving as a lifeline for the recipients small house hold in the economy and used for health, nutrition, education and societal needs.

    The remittances are also higher than both Foreign Direct Investment and foreign aids flow to the economy and still, are cheaper sources of funds. He said that remittances can be used infrastructural developments as seen in India and Lebanon while in the Dubai UAE, the remittances are stable sources of liquidity in the Market. The remittances, he added, can also serve as excellent  source of investments funds in the economy  even as it represent 83 per cent of the Federal Government budget in 2018.

    The remittances were 11 times higher than the FDIs in the same period and 7.4 per cent larger than the net official development assistance received in 2017 of $3.34 billion in the economy. In a report: “Diaspora remittances: The power behind Africa’s sustainable growth”, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed.

    He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations. He said that remittances symbolise deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability.

    “Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.

    Impact on financial inclusion

    Financial inclusion is achieved when adult Nigerians have easy access to a broad range of formal financial services that meet their needs at an affordable cost. The services include, but are not limited to, payments, savings, loans, insurance, and pension products. Its importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.

    Recognising the inherent benefits of expanding financial services network, especially to Nigerians in diaspora, the CBN said NRBVN will boost financial inclusion in the country. Cardoso explained that historically, Nigerians in the diaspora have faced significant hurdles when seeking access to financial services in Nigeria.

    The mandatory physical verification required for obtaining a BVN often incurred considerable costs in terms of time and financial resources, especially for individuals residing in remote locations.  The NRBVN platform addresses these very concerns. Through digital verification and robust Know Your Customer (KYC) processes, Nigerians across the globe can now remotely obtain their BVN swiftly and securely.

    This single digital gateway will enable seamless access to banking services, including opening accounts and securely sending funds, dramatically enhancing convenience and reducing costs. “In developing this solution, we draw valuable lessons from countries such as India and Pakistan. India’s Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts have significantly simplified banking processes for its diaspora, and Indian banks currently hold approximately $160 billion in diaspora deposits, achieved by providing attractive and tailored products and services,” he said.

    According to the CBN boss, in developing the NRBVN, the team also took cognizance of Pakistan’s innovative Roshan Digital Account, offering fully online onboarding and investment opportunities and successfully attracting nearly $10 billion since its inception. These examples, Cardoso explained underscore the power of digital financial inclusion and specifically tailored products in driving meaningful engagement and substantial economic inflows from diaspora populations.

    “Our NRBVN platform is similarly designed to offer more than access, it is about opportunity. It is complemented by the Non-Resident Ordinary Account (NROA) and Non-Resident Investment Account (NRNIA) initiatives, collectively forming a robust framework designed to incentivise our global diaspora to channel their funds through formal financial systems into productive uses at home.”

    “By providing investment accounts, diasporans will have access to a variety of growing investment opportunities in our debt and equities markets, as well as products such as mortgages, insurance, and pensions. Importantly, diasporans will also have the flexibility to fully repatriate the proceeds of their investments in accordance with existing regulations, ensuring confidence and convenience in managing their assets,” he said.

  • Cardoso honoured for financial sector reforms at Nairametrics awards

    Cardoso honoured for financial sector reforms at Nairametrics awards

    Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has received an honorary award in recognition of his contributions to the transformation of Nigeria’s financial and capital markets. 

    The award was presented during the maiden edition of the Nairametrics Capital Market Choice Awards held in Lagos on May 23, 2025.

    Founder and Chief Executive Officer of Nairametrics, Mr. Ugo Obi-Chukwu, presented the honorary award to Mr. Cardoso for what he described as his transformative leadership and strategic interventions since assuming office.

    According to Obi-Chukwu, the CBN under Cardoso has embarked on a series of reforms that have had a significant impact on the financial ecosystem.

    These initiatives have been credited with restoring investor confidence, encouraging broader market participation, and promoting long-term economic stability in the country.

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    The Central Bank also emerged winner in the “Market Reform Initiative of the Year” category, further highlighting its efforts at strengthening monetary policy frameworks, ensuring transparency, and improving stability across Nigeria’s financial landscape. The organisers noted that the CBN’s ongoing reforms have introduced vital changes to the structure and direction of Nigeria’s monetary policy and capital market operations.

    The CBN’s Director of Banking Supervision, Dr. Olubukola Akinwunmi, received both awards on behalf of the Governor and the Bank. In his remarks, Dr. Akinwunmi thanked Nairametrics for the recognition and called on stakeholders across the financial sector to maintain a collective commitment to transparency and financial system stability.

    Other recipients of honorary awards at the event included the Governor of Lagos State, Mr. Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; and President of the Capital Market Academics of Nigeria, Professor Uche Uwaleke.

    Posthumous awards were presented in honour of distinguished Nigerians who played pioneering roles in the country’s economic and financial history. Among them were the late Chief Akintola Williams, Nigeria’s first Chartered Accountant; the late Chief Subomi Balogun, founder of First City Monument Bank; and the late Engr. (Mrs.) Florence Seriki, a trailblazer in Nigeria’s technology sector.

    The event featured 25 award categories and brought together stakeholders, policymakers, regulators, and market leaders to celebrate innovation and resilience in the capital market. It also served as a platform to spotlight the individuals and institutions driving progress and helping shape the future of Nigeria’s financial services industry.

  • Investors’ confidence in Nigeria growing, says Cardoso

    Investors’ confidence in Nigeria growing, says Cardoso

    The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has described recent visits by top executives from JP Morgan, Citi Bank, and the International Monetary Fund (IMF) as clear indications of growing investor confidence in Nigeria’s economic direction.

    The CBN Governor pointed to progress in stabilizing the foreign exchange market and curbing inflation, addressed key economic issues and acknowledged recent challenges.

    Speaking during a meeting with a delegation of scholars from the Harvard Kennedy School (HKS) Africa Trek at the CBN headquarters in Abuja, Mr. Cardoso noted that these financial leaders base their decisions on data and trends rather than sentiment. “Their interest shows that we are on the right path,” he remarked.

    The Africa Trek delegation, which included 50 students from 19 countries, comprised representatives from HKS, Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University.

    Their visit to Nigeria followed an earlier stop in Ghana, as part of a broader initiative to engage with key policymakers and economic stakeholders across the continent.

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    Mr. Cardoso, an HKS alumnus and the first African elected to the global HKS Alumni Board of Directors, pledged the CBN’s commitment to fostering intellectual discourse and policy-driven solutions.

    As a trustee of both the Harvard Club of Nigeria and the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN), the CBN Governor stated that “as we reposition the Bank, we aim to serve as a hub for thought leadership. The exposure gained from institutions like Harvard is invaluable, and we view this as an opportunity to build long-term alliances.”

    President of HKSAAN, Ms. Adaora Ndukwe, and Ms. Sheffy Kolade, HKS Nigeria Trek Delegation Lead, expressed gratitude to the CBN for hosting the delegation.

    They commended the Bank’s openness to engaging with future policymakers and providing direct insights into Nigeria’s evolving economic landscape.

    The Africa Trek initiative facilitates direct engagement between emerging global leaders and policymakers across Africa.

    Through discussions with influential figures, participants explore governance, economic development, financial stability, and the role of central banking in national growth.

    This visit marked the first time an Africa Trek delegation has been hosted at the CBN, demonstrating the Bank’s commitment to knowledge exchange and strategic partnerships.