“We’re not turning back,” CBN governor Cardoso reaffirms resolve to restore confidence in bank

By Chioma Obinagwam

The Governor of Nigeria’s apex bank, the Central Bank (CBN), Olayemi Cardoso, has reiterated its commitment to restore confidence in the bank.

Confiance News gathered from the official Facebook Page of the CBN on Sunday.

“We inherited a crisis of confidence, but we chose a different path. We’re not turning back”

Cardoso disclosed this during a high-level global forum organized by the CBN in collaboration with J.P. Morgan and the Nigerian Exchange Group (NGX), hosted at the Nasdaq MarketSite in NYC on April 17th, 2025.

Titled “The Nigeria Investment Agenda: Pathways for Growth and Global Partnerships,” the forum convened global investors, diaspora leaders and senior financial stakeholders to discuss Nigeria’s macroeconomic outlook and reform progress.

Confiance News learnt that at the forum, governor Cardoso detailed the reform agenda of the CBN for the past 18 months, from monetary tightening and FX market transparency to stronger financial governance.

“These reforms are laying the groundwork for long-term macroeconomic stability and signaling a new era of transparency and confidence,” he said.

The forum was about facts and the future: engaging critical voices, reviewing progress, and identifying what’s needed to build enduring partnerships and attract long-term capital. At the heart of this effort is a clear goal: reasserting the CBN’s role as a credible, trusted institution, respected globally and committed to excellence at home.

Deputy Governor Muhammad Sani Abdullahi provided a macro update: FX turnover had risen sharply, early disinflation signals were emerging, and Nigeria’s external reserves were strengthening. With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy.

The panel “Repricing Nigeria: Assessing the Scope for Sustained Change” featured: Joyce Chang, Chair of Global Research, JPMorgan Chase; Jason Rekate, Global Co-Head of Corporate Banking, Citi; Razia Khan, Chief Economist, Africa & Middle East, Standard Chartered; Ahmad Zuaiter, Co-Founder & CIO, Jadara Capital Partners; and was moderated by Gavin Serkin, Founder, Frontier Intelligence.

Each panelist offered expert insights on Nigeria’s investment outlook, pointing to renewed international interest, driven by improved fundamentals, stronger governance, and clearer policy direction.

In a fireside chat, Cardoso spoke with Nobel Prize-winning economist Dr. James Robinson, Reverend Richard L. Pearson Professor at the University of Chicago and Director of the Pearson Institute for the Study and Resolution of Global Conflicts.

The event was opened by Tal Cohen, President, Nasdaq, and anchored by Dr. Nkiru Balonwu, Adviser on Stakeholder Engagement, CBN. Temi Popoola, Group CEO, NGX, moderated the Q&A, and Dr. Olubukola Akinniyi Akinwunmi, Director, Banking Supervision Department, CBN, provided the closing remarks.

Confiance News also reports that the CBN Board and MPC were represented by Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu, all US-based diaspora members, underscoring the Bank’s global engagement and commitment to leveraging Nigerian talent worldwide.

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