The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the bank will remain focused on transparency, stability, and reforms that will restore trust in Nigeria’s economy. He made this known during a high-level meeting in the United States with Nobel Prize-winning economist, Dr. James Robinson.
Dr. Robinson is the Reverend Richard L. Pearson Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts. Their conversation, which took place on Friday, was described as a “fireside chat” by the CBN. The bank released details of the discussion on its official X (formerly Twitter) page on Saturday.
Mr. Cardoso said the CBN met a serious lack of trust when he assumed office, but rather than continue in the old ways, the bank chose a different path. “We inherited a crisis of confidence, but we chose a different path. We’re not turning back,” he said to an audience of financial experts, Nigerian professionals, and policymakers who responded with applause.
He stressed that the CBN is committed to orthodox monetary policies and wants to ensure consistency and clear communication to avoid confusion in the markets.
The event was attended by top international and Nigerian financial leaders. It was opened by Tal Cohen, the President of Nasdaq, one of the world’s biggest stock exchange companies. The chat was anchored by Dr. Nkiru Balonwu, the CBN Adviser on Stakeholder Engagement. The Question and Answer session was led by Mr. Temi Popoola, the Group Chief Executive Officer of the Nigerian Exchange Group.
Also present at the event were members of the CBN Board and the Monetary Policy Committee. These included Mr. Robert Agbede, Professor Melvin Ayogu, and Dr. Aloysius Ordu. Their attendance showed how the CBN is working closely with Nigerians in the diaspora, and how the bank is looking to use their knowledge and experience to improve Nigeria’s economy.
The Director of the CBN’s Banking Supervision Department, Dr. Olubukola Akinniyi Akinwunmi, gave the closing remarks at the event.
Cardoso’s interaction with Dr. Robinson is part of the bank’s wider effort to gain international support and understanding for its recent economic reforms. Since taking office, the CBN has introduced several changes aimed at stabilizing the naira, controlling inflation, and boosting investor confidence.
The CBN has also asked commercial banks in Nigeria to improve their sanctions compliance framework, a move observers say is aimed at improving Nigeria’s global financial standing. In recent weeks, the CBN Governor has faced questions from the House of Representatives over how bailout funds were spent, and he is currently facing a N220 million contempt suit.
Despite these challenges, Cardoso’s message remains the same: the CBN is on a new path and will not turn back. His meeting with Dr. Robinson appears to be another move to show both Nigerians and the international community that the bank is serious about reforming the economy using global best practices.
