Highs, Lows: 4 Data That Captures Yemi Cardoso's 2 Years in Office
Olayemi Cardoso on Sunday, September 20 marked two years as governor of the Central Bank of Nigeria (CBN).
His appointment by President Bola Tinubu was confirmed on 23 September 2023 with the task to clean up the system left behind by Godwin Emefiele.
Under his tenure several reforms has been undertaken that has reshaped the country’s monetary landscape.
Source: Getty Images
Supporters hail him for providing direction, while critics argue his fierce policies are stifling growth and making credit less accessible and brought high cost of living for Nigerians.
Here are four data points that capture his leadership so far:
Source: Facebook
Naira
This is difficult to grade as good or bad. When President Tinubu came into power the naira traded around N400/$ exchange rate in the official market and around N500/$ in the black market.
One of the most significant reforms under Mr. Cardoso has been the liberalisation and unification of the foreign exchange (FX) market upon his resumption in office.
The intention was to allow market forces to determine exchange rates and boost foreign investor confidence.
The decision saw the naira weaken from ₦747.76/$1 on September 22, 2023, to ₦1,488/$1 as of September 18, 2025.
Although the currency crashed to as low as ₦1,800/$1 in the parallel market, it has since rebounded to around ₦1,500/$1.
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), praised Cardoso’s FX reforms, highlighting the benefits of improved transparency and investor confidence
He said:
“The elimination of multiple FX windows has reduced opportunities for arbitrage and corruption. Greater confidence has attracted higher inflows from autonomous sources. Price discovery has improved, allowing for a more efficient allocation of FX resources.”
Inflation
Another benchmark to assess Cardoso’s tenure is the trend in inflation, which has remained the most pressing economic challenge.
The removal of the fuel subsidy and Cardoso’s reforms in the FX market have pushed inflation to record highs.
This is unsurprising, as Nigeria remains largely import-dependent, and a weaker exchange rate directly translates into higher prices of goods.
The figures are coming down following the rebasing of inflation figures as it dropped from 26.72% in September 2023 to 20.12% in August 2025.
Source: Facebook
Interest Rates
In response to surging prices, Cardoso raised interest rates six times in two years, one of the steepest tightening cycles in Nigeria’s history.
The Monetary Policy Rate (MPR) is now at its highest in decades and has been questioned by exprts who belives makes credit very difficult for business.
Yusuf said:
"Through a mix of monetary policy tools—including interest rate hikes, liquidity management, and market reforms—the CBN has contributed to the recent deceleration in inflation and restoration of macroeconomic stability."
Source: Facebook
Forex Reserves
A bright spot of Cardoso’s tenure has been the growth in foreign reserves.
Official reserves have risen by about 24.43% over the last two years, rising from $33.75 billion to current level of $42 billion.
The last time Nigeria's foreign reserves was at this level was in 2019.
The rise in reserves has been boosted by stronger oil receipts, multilateral inflows, and renewed investor confidence in the CBN’s market reforms.
The build-up has also given CBN more firepower to meet external obligations and defend the naira against speculative attacks.
Final assessment
It has not been an easy ride, Nigerians have had to bear the consequence of a tight monetary policy but analysts believe the future is bright.
Yusuf has a recommendation for CBN, he said:
""The leadership of Mr. Yemi Cardoso has brought about a significant transformation of Nigeria’s financial system, with gains in transparency, credibility, and stability. The next phase of reform must focus on achieving a more balanced policy stance that supports growth while preserving macroeconomic stability.
"Addressing structural financing gaps and sustaining governance reforms will be critical for unlocking the financial sector’s full potential as a driver of inclusive economic development."
CBN gives new order to banks on leadership changes
Earlier, Legit.ng reported that the CBN has directed Domestic Systemically Important Banks (DSIBs) to secure approval for successor Managing Directors/CEOs at least six months before the incumbent leaves office.
It added that the banks must make the appointments public at least three months before the outgoing MD/CEOs officially leave office.
The directive from the apex bank aims to strengthen corporate governance and reduce the leadership gap.
Source: Legit.ng
