The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the apex regulator was going to build on the traction it has made in terms of reforms in the foreign exchange market, remittance, diaspora engagement, and others in 2025.
Cardoso said this on Thursday via a statement shared on his X handle, which was reposted on the official X handle of the Central Bank of Nigeria @cenbank.
Last year, the CBN made several attempts to stabilise the naira, the latest being the introduction of the Electronic Foreign Exchange Matching System, which has boosted transparency in the market.
The CBN also has granted Approval In Principle to 14 new international money transfer operators to strengthen diaspora remittance via official means.
On Thursday, Cardoso said, “By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges.
“These efforts included decisive action: clearing the verified FX commitments, which amounted to $7bn, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.”
