When Olayemi Cardoso delivered his first major address as Governor of the Central Bank of Nigeria (CBN) on November 25, 2023, he struck a determined tone, assuring investors and the business community that the country’s economy would soon witness significant stability in the short to medium term.
“We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies. We assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures,” Cardoso declared during his keynote speech at the Chartered Institute of Bankers of Nigeria (CIBN) 58th annual Bankers’ Dinner in 2023.
A key pillar of that vision, he stressed, was stabilising the exchange rate, a critical foundation for broader economic health. Cardoso emphasised the imperative of transparency, pledging to create a market-driven environment where exchange rates are fairly determined, ensuring predictability for businesses and households alike.