Cardoso lauded for CBN’s credibility
… shows commitment to pursuing strengthening international partnerships.
The British High Commissioner to Nigeria, Richard Montgomery, has praised the restoration of the Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso, describing the reforms since 2023 as “impressive to witness.”
Montgomery, in a post on his official X page, said Cardoso and his team had restored the bank’s credibility and strengthened monetary policy in ways that were crucial for investor confidence and trade. He added that the peer relationship between the CBN and the Bank of England was fostering “excellent mutual exchange and learning.”
The remarks followed a strategic meeting on Wednesday, 20 August, at the CBN headquarters in Abuja. The engagement brought together Cardoso, his management team, and the Bank of England’s Parliamentary Affairs delegation, led by Montgomery.
According to the CBN, discussions centred on strengthening bilateral cooperation in monetary management, improving transparency in financial systems, and sharing global best practices. The bank emphasised that such collaborations were vital to building resilience and credibility in Nigeria’s economy.
Since assuming office in 2023, Cardoso has implemented wide-ranging reforms to stabilise the naira, curb inflation, and restore investor trust after years of policy uncertainty. These measures have included tightening monetary policy, unifying exchange rates, and creating incentives to attract foreign capital.
Montgomery noted that these steps were laying the foundation for long-term economic stability. “The revival of CBN credibility and good monetary policy by HE Governor Cardoso and his top team has been impressive to witness since 2023,” he wrote.
The British envoy’s endorsement comes after the Director-General of the World Trade Organisation (WTO) also admitted that the country’s economy is now stable as compared to previous years, which adds to the growing international confidence in Nigeria’s financial reforms.
The CBN has reaffirmed its commitment to pursuing reforms that promote growth, stability, and stronger international partnerships.
