Cardoso
Picnews
Governor Olayemi Cardoso’s claim that Nigeria’s economy is now “more resilient” than it has been in years. Speaking at the Chartered Institute of Bankers of Nigeria (CIBN) dinner, Cardoso painted a picture of a nation that can better absorb external shocks thanks to a series of policy moves and fortuitous market conditions.
A key pillar of that resilience, according to the governor, is the Central Bank’s foreign‑exchange buffer, which has swelled to a comfortable level and helped the bank clear a $7 billion backlog of pending FX transactions. By eliminating that queue, the CBN has reduced the pressure on the naira and given businesses a clearer path to obtain the dollars they need for imports.
The report also noted that the gap between the official exchange rate and the parallel market has narrowed dramatically, staying below 2 percent. That convergence has helped stabilize the naira, which has appreciated to roughly ₦1,400 per US dollar, a level not seen in over a year and a half.
On the inflation front, Cardoso pointed to a steady decline from a peak of 34.6 percent in November 2024 to about 16.05 percent in October 2025. He credited the CBN’s orthodox monetary stance, improved data analytics, and the end of “ways‑and‑means” financing of the fiscal deficit for taming price pressures.
Banking sector health was another bright spot. Recent stress‑tests, the governor said, showed that Nigerian banks are financially robust and should remain stable through 2026. The combination of tighter monetary policy and stronger regulatory oversight has bolstered confidence in the financial system.
Finally, Cardoso placed Nigeria’s recovery in a broader African context, suggesting that, alongside Ethiopia, the country is leading the continent’s economic rebound. The article concluded that while challenges remain, the current trajectory suggests a more stable macroeconomic environment for Nigeria in the months ahead.
