CBN Governor, Olayemi Cardoso. Photo: CBN / X
The Central Bank of Nigeria has disclosed that financial-sector reforms are boosting the foundations of Nigeria’s economy, noting progress in banking recapitalisation, inflation management and foreign exchange market stability.
The apex bank said this in a statement issued on Thursday following remarks by its Governor, Olayemi Cardoso, at the Distinguished Alumni Lecture held during the Founders’ Day celebration of St. Gregory’s College in Lagos.
Cardoso, who delivered a lecture titled “Strong Foundations: From the Classroom to the Capital Base,” said reforms introduced in the financial system were aimed at rebuilding macroeconomic stability and strengthening institutions that support long-term growth.
He stated, “Nigeria’s ongoing financial-sector reforms are strengthening the country’s economic foundations,” adding that progress had been recorded in key areas of the banking sector and monetary policy framework.
The governor declared that the principles required to build resilient economies are similar to those that shape strong individuals.
The CBN governor said, “The principles that build strong individuals, such as discipline, integrity, and intellectual curiosity, are the same principles that sustain strong economies and resilient financial institutions.”
Cardoso noted that the Nigerian economy had faced significant pressures in recent years, including macroeconomic imbalances, exchange-rate volatility and rising inflation.
He said restoring stability required consistent policy discipline and efforts to rebuild institutional credibility.
The CBN governor also provided an update on the banking sector recapitalisation programme introduced in 2024, describing it as a key measure aimed at strengthening the financial system and improving the capacity of banks to support economic transformation.
“As of March 2026, thirty-three banks have successfully raised additional capital, while thirty institutions have already met the new minimum capital requirements for their respective licence categories,” Cardoso said.
He added that other institutions were currently undergoing routine regulatory verification under the central bank’s compliance framework.
The CBN governor further pointed to improvements in inflation dynamics following recent monetary policy adjustments.
According to him, inflation had declined significantly from a peak of about 34 per cent to around 15 per cent.
Cardoso also said reforms in the foreign exchange market had helped narrow the gap between the official and parallel market exchange rates.
He noted that the premium between the two markets had reduced sharply from about 50 per cent in 2022 to less than two per cent in 2025 following measures introduced to improve transparency and liquidity in the market.
The governor added that Nigeria’s external reserves had strengthened in recent years, recently exceeding $50bn, while capital inflows and investment into the country increased significantly between 2023 and 2025.
Cardoso also highlighted the role of financial technology in expanding financial inclusion, noting that Nigeria has developed one of the most vibrant fintech ecosystems globally.
He encouraged students to develop interdisciplinary skills, stressing that the future workforce would increasingly require a combination of technological knowledge, creativity and analytical thinking.
The CBN has introduced a series of banking sector reforms beyond the recapitalisation requirement.
The most recent of such reforms is that the CBN gave Deposit Money Banks 18 months to fully comply with its new baseline standards for automated anti-money laundering solutions, while other financial institutions have 24 months from March 10, 2026, to meet the requirements.
