The Central Bank of Nigeria (CBN) is prepared to deploy all available tools to address inflation as the country’s recent economic reforms attract increased interest from foreign investors, according to Governor Yemi Cardoso.
Speaking at the FT Africa Summit in London, Cardoso highlighted the positive impact of these reforms on investor confidence and the country’s foreign exchange landscape.
Cardoso noted that complaints about limited foreign exchange availability, once restricted to a select few, have significantly decreased, indicating improved confidence in Nigeria’s FX system.
Increased investor interest is evident, with recent visits by major global finance figures such as Citigroup CEO Jane Fraser and JPMorgan’s Jamie Dimon. Cardoso attributed this attention to Nigeria’s “moderated” currency, which he believes has made the nation more competitive on the global stage.
“There’s a strong interest now, recognizing that our currency moderation has made Nigeria’s economy more competitive internationally,” Cardoso stated. He emphasized that the reforms are positioning Nigeria for economic growth and greater stability.
However, Cardoso acknowledged that inflation remains a major challenge. While he expressed optimism that headline inflation could ease in the coming months, he pointed out that food inflation remains persistent, affecting household budgets. The CBN is working closely with the federal government to address this, aiming to stabilize prices and protect purchasing power.
“We are prepared to deploy every available tool to manage inflation effectively,” Cardoso affirmed, stressing the CBN’s commitment to price stability through both monetary policy and government collaboration.