Nigeria's Economy: Tinubu's Top Appointee Speaks on How Presidency Reportedly Tamed Inflation
- Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has said that Nigeria has “turned a decisive corner” in its economic reform journey
- Cardodo expressed his delight with the 'sharp decline' in inflation and stabilisation of the foreign exchange (FX) market
- The CBN chief stated that the alleged renewed investors' confidence is clear evidence that the country’s macroeconomic trajectory is improving
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Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public affairs and governance in Nigeria and Africa.
FCT, Abuja - Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has said Nigeria is moving towards prosperity following foreign exchange (FX) market reforms.
According to Cardoso, inflation in Nigeria has eased in recent months.
Source: Twitter
CBN insists economic outlook is promising
The top appointee of President Bola Tinubu cited the alleged stabilisation of the foreign exchange (FX) market and renewed investor confidence as clear evidence that the country’s macroeconomic trajectory is improving.
Cardoso made the remarks in Lagos on Friday, November 28, at the 60th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), where he delivered a review of economic reforms implemented over the past two years.
Source: Twitter
In his address, the CBN governor explained that the apex bank’s commitment to orthodox monetary policy, transparency, and stronger regulatory discipline has begun to correct long-standing distortions in the economy.
He noted that the sharp moderation in inflation, which fell from 34.6% in November 2024 to 16.05% in October 2025, reflects seven consecutive months of disinflation and marks one of the greatest improvements in price stability in recent decades. Food inflation, he added, has also eased significantly, dropping to 13.12 percent in October after hovering near 22 percent earlier in 2025.
'FX reform strengthens economy' - Cardoso
Furthermore, Cardoso announced major progress in Nigeria’s foreign exchange market, describing its stabilisation as one of the most significant outcomes of the ongoing reforms.
He confirmed that the CBN has fully cleared the multi-billion-dollar FX backlog inherited by the present administration of Muhammadu Buhari, a debt estimated at more than US$7 billion, restoring market integrity and rebuilding the confidence of foreign airlines, manufacturers, and portfolio investors.
Cardoso attributed the return of stability to the unification of exchange rates, the deployment of the Electronic Foreign Exchange Management System (EFEMS), and the introduction of the Nigerian FX Market Conduct Code, which together have reduced opacity, curbed arbitrage, and allowed the naira to trade within a narrow range.
The CBN boss emphasised that his organisation will continue to operate with discipline and transparency, providing forward guidance and leveraging technology to support a more stable, inclusive, and innovative financial system.
He said:
“The foundation for a revitalised Nigeria has been laid. The journey continues, but our path is clear; disciplined policy, credible institutions, and a commitment to stability."
CBN issues naira handling advisory
Earlier, Legit.ng reported that the CBN urged Nigerians to handle the naira with care and not to spray, mutilate, or counterfeit it.
The apex bank described the Nigerian currency as a vital national symbol to be proud of.
CBN introduced several reforms, including exchange rate unification and bank recapitalisation, among others.
Source: Legit.ng
