Bankers’ Award: Cardoso’s Monetary Reforms At CBN Recognized As Model For Africa

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June 24, 2025
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Ifeanyi Onuba

When President Bola Tinubu appointed Olayemi Cardoso as Governor of the Central Bank of Nigeria (CBN) in September 2023, he faced an economy grappling with surging inflation, a volatile exchange rate, and waning investor confidence. Tasked with restoring macroeconomic stability and credibility to Nigeria’s financial system, Cardoso took swift action—ushering in a series of sweeping monetary and regulatory reforms that have since reshaped the country’s economic trajectory.

Less than two years into his tenure, those reforms are not only beginning to yield measurable results at home—they are also gaining recognition beyond Nigeria’s borders. At the 2025 African Banker Awards held in Abidjan, Côte d’Ivoire, Cardoso was named Central Bank Governor of the Year, a testament to his “bold and strategic” leadership in stabilizing the naira, fostering transparency in the foreign exchange market, and restoring institutional credibility to the CBN.

A Mandate For Reform: Cardoso’s Appointment Amid Crisis

Upon assumption of office, Cardoso faced a multitude of significant economic challenges that required immediate and decisive action. Nigeria’s inflation rate had surged to 33.88 per cent, up from 28.20 per cent at the start of the year. The persistent inflation was driven by rising fuel prices, exchange rate depreciation, and supply chain disruptions.

The naira experienced significant depreciation before Cardoso’s tenure. This depreciation was attributed to a backlog of over $7bn in unmet foreign exchange commitments and a fragmented exchange rate system

Prior to Cardoso’s appointment, the CBN had been financing government deficits through Ways and Means advances, which had reached an unsustainable level of N22.7tn by 2023. This practice undermined the CBN’s primary mandate of price stability and eroded market confidence.

Nigeria’s economy faced structural issues, including declining oil production, inadequate economic diversification, and infrastructure constraints. These factors contributed to a decline in government revenue and foreign exchange inflows, while public expenditures increased, leading to a deterioration in macroeconomic indicators.

The banking sector faced public skepticism regarding its transparency and efficiency, exacerbated by the complexities of post-pandemic recovery and global economic uncertainty.

Through targeted policies, transparent market operations, and stronger coordination between monetary and fiscal authorities, Cardoso outlined a pathway to a more stable exchange rate regime, lower inflation, and an overall more enabling environment for economic growth.

Barely 20 months into his tenure, Cardoso’s reform strategy, anchored on monetary tightening, foreign exchange market transparency, and improved financial governance, is taking shape. These efforts are laying the groundwork for lasting macroeconomic stability and ushering in a new era of transparency and investor confidence.

Key Reforms Reshaping Nigeria’s Monetary Framework

Since assuming office in 2023, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has introduced a series of far-reaching reforms aimed at stabilising the foreign exchange (FX) market, improving dollar liquidity, and restoring investor confidence. These reforms have been pivotal in addressing long-standing structural challenges and repositioning Nigeria’s monetary framework for long-term growth and stability. Key measures include:

Unifying Exchange Rates: Ending Arbitrage and Restoring Trust

One of the Governor’s first major policy decisions was the unification of Nigeria’s multiple exchange rates. Previously, the country operated various official and parallel market rates that encouraged arbitrage and reduced transparency. The CBN moved towards a single, market-determined exchange rate regime, allowing the naira to float more freely and better reflect market realities. This shift helped eliminate distortions, reduced speculation, and improved overall investor confidence in the FX system.

Clearing the Backlog: Restoring Credibility in Foreign Payments

The CBN under Cardoso’s leadership made significant efforts to address the country’s outstanding foreign exchange obligations, estimated at over $7bn. Settling these backlogs—payments owed to airlines, manufacturers, and foreign investors—was critical to rebuilding trust in the Nigerian market. By honouring these obligations, the CBN sent a strong signal to international investors and trading partners about Nigeria’s commitment to financial transparency and stability.

A Freer FX Market: New Rules, Greater Transparency

Under Cardoso’s leadership, the CBN reintroduced the willing-buyer, willing-seller model to promote greater flexibility and reduce artificial controls in the FX market. This system allows buyers and sellers of foreign currency to negotiate rates freely, with minimal central interference. In tandem, the Bank occasionally intervenes in the market to manage excessive volatility, ensuring a balance between liberalisation and stability.

The model encourages price discovery and helps establish a more realistic valuation of the naira, while also attracting more participants into the formal FX market.

Another core reform involved scaling back excessive government intervention in foreign exchange pricing. By reducing administrative controls and allowing the naira to find its true market value, the CBN facilitated a more transparent and investor-friendly environment. This approach discourages rent-seeking behaviour and supports the development of a more robust and autonomous currency market.

Reviving Investor Interest: Policies That Attract Capital

To attract both foreign direct investment (FDI) and portfolio inflows, the CBN adopted a series of measures to make Nigeria a more attractive destination for capital. These included raising benchmark interest rates to improve returns for investors, enhancing the ease of profit repatriation, and maintaining policy consistency to reassure the global financial community. These actions aimed to reverse capital flight and increase dollar inflows into the Nigerian economy.

Curbing Speculation: Strengthening Oversight In FX Markets

Recognizing the impact of speculators and unregulated actors on FX volatility, the CBN launched a crackdown on unethical practices in the market. It imposed tighter regulations on Bureau de Change (BDC) operators and raised their minimum capital requirement to approximately N2bn to strengthen oversight and professionalism in the sector.

In January 2025, the Bank also introduced the Nigerian Foreign Exchange (FX) Code, a comprehensive regulatory framework aimed at promoting ethical conduct, professionalism, and transparency among authorised dealers. The FX Code ensured that all market participants operate with integrity and adhere to global best practices in currency trading.

Banking Sector Overhaul: Recapitalization For Resilience

In March last year, the CBN under Cardoso had announced new guidelines on its recapitalization policy for banks in the country, directing commercial banks with international authorization to increase their capital base to N500bn and national banks to N200bn.

Commercial banks with national licenses must meet a N200bn threshold, while those with regional authorization are expected to achieve a N50bn capital floor.

Similarly, non-interest banks with national and regional authorizations would need to increase their capital to N20bn and N10bn, respectively.

The current capital base is stratified based on the type of banking license – banks with regional, national, and international licenses are currently expected to maintain the minimum capital bases.

The proposed increase in the capital base comes nearly two decades after the CBN’s 2004 banking reform, which increased the then-prevailing capital base from N2bn to N25bn.

The 2004 banking reform was characterised by massive mergers and acquisition activities, ultimately reducing the number of banks in the country from 89 to 25.

Signs Of Progress: Gains From Cardoso’s Reform Agenda

Collectively, these reforms have yielded significant gains. The FX market has become more transparent and efficient, dollar liquidity has improved, and foreign investor sentiment is gradually recovering. The naira, while still subject to volatility, is now priced more realistically, and speculative pressure has eased.

More importantly, Governor Cardoso’s policy direction has re-established the credibility of the Central Bank and laid a firm foundation for macroeconomic resilience in the years ahead.

Just last month, the Central Bank of Nigeria (CBN) announced a Balance of Payments (BOP) surplus of $6.83bn for the 2024 financial year, marking a decisive turnaround from deficits of $3.34bn in 2023 and $3.32bn in 2022.

This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.

The current and capital account recorded a surplus of $17.22bn in 2024, underpinned by a goods trade surplus of $13.17bn, while petroleum imports declined by 23.2 per cent to $14.06bn.

On the export side, gas exports rose by 48.3 per cent to $8.66bn, and non-oil exports increased by 24.6 per cent to $7.46bn. Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93bn.

International Money Transfer Operator (IMTO) inflows surged by 43.5 per cent to $4.73bn, up from $3.30bn in 2023, reflecting stronger engagement from the Nigerians in diaspora.

The CBN stated that official development assistance also rose by 6.2 per cent to $3.37bn, with improved financial account and reserve position whch enabled Nigeria to record a net acquisition of financial assets totalling $12.12bn.

Portfolio investment inflows more than doubled, increasing by 106.5 per cent to $13.35bn, while resident foreign currency holdings grew by $5.41bn, indicating stronger confidence in domestic economic stability.

The country’s external reserves increased by $6.0bn to $40.19bn by year-end 2024, bolstering its external buffer.

Recently, President Bola Tinubu disclosed that his administration had received over $30bn in commitments from foreign investors in less than two years of his administration, further demonstrating that his policies have yielded positive results, making the country increasingly attractive to domestic and international investors.

Essentially, the policy reforms and policy initiatives by Cardoso have led to more transparency in FX market operations as well as earned the apex financial regulatory institution improved ranking by global ranking agencies as well as commendations from the World Bank.

A Model for the Continent: Cardoso’s Leadership Recognised

Last Tuesday, Cardoso was named the Central Bank Governor of the Year at the 2025 African Banker Awards Gala. The event was held in Abidjan, Côte d’Ivoire.

The award, presented by African Banker magazine, recognizes Cardoso’s “bold and strategic” leadership in steering monetary and regulatory reforms that have restored stability and confidence in Nigeria’s financial system, according to event organizers.

The Awards Committee praised the Central Bank of Nigeria under Cardoso for implementing key policy measures aimed at stabilising the naira, improving transparency in the foreign exchange market, and re-establishing policy credibility.

The Committee noted that these efforts have laid the groundwork for long-term macroeconomic resilience and renewed investor confidence.

“The award reflects the Committee’s recognition of Governor Cardoso’s recent achievements and the Central Bank’s critical role in addressing market imbalances and repositioning the Nigerian economy for sustainable growth,” the organisers said.

The annual event draws senior figures from government, banking, and development finance institutions across the continent to celebrate excellence in African finance.

Rebuilding a Stronger Future: Nigeria’s Path to Stability

Cardoso’s tenure at the CBN marks a decisive break from past monetary approaches defined by opacity, inefficiency, and short-term fixes. Through deliberate reforms including exchange rate unification, improved foreign exchange governance, and stronger regulatory oversight, Cardoso has re-established the CBN’s credibility and restored confidence among investors and global partners.

The results speak for themselves: improved dollar liquidity, a strengthening of Nigeria’s external reserves, rising foreign inflows, and a historic balance of payments surplus. More importantly, these reforms have laid the foundation for long-term macroeconomic resilience, opening new pathways for sustainable growth in Africa’s largest economy.

Cardoso’s recognition as Central Bank Governor of the Year is not just a personal accolade—it is an affirmation that Nigeria’s monetary reforms are setting a new standard for economic management on the continent. As the nation continues on its recovery path, the bold policy choices made today may well define Nigeria’s economic future for decades to come.

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Adebayo: What Tinubu Seeks Abroad Exists in SDP Manifestoes

Former presidential candidate of the Social Democratic Party (SDP) in the 2023 general election, Prince Adewale Adebayo, in this interview with select journalists, says President Bola Tinubu’s trip to Brazil is a waste of the country’s resources, as what he is seeking exists in SDP’s manifestoes

In faraway Brazil, President Bola Tinubu declared that the reforms his administration have carried out are tough, but like a bitter medicine, once the fever is gone, you would know that the cure was worth it. What do you make of that statement from President Tinubu?

Well, I’m happy that the president is going around the world. I’m happy that he went to Brazil, because if ever his policy life is going to change, we will see whether he changes from Brazil. His going to Brazil is the equivalent of Saul becoming Paul, because in Brazil what the Workers’ Party did to become what they are today and the president was giddy about it; he even posed the question what do they have that we don’t have? And I have the answer. What they have is good leadership and that’s what we don’t have yet. What they have is a poverty reduction manifesto and set of programmes and policies. If you look at Bolsa Familia, which reduced poverty by 27 per cent in Brazil in four years under President Lula da Silva’s government, it is the opposite of ‘subsidy is gone’ that increased poverty exponentially. If you look at the way Petrobras is run compared to the way the president has been running the NNPCL, they are polar opposites. If you look at where Brazil gets its strength from, Brazil is the third largest economy in the Americas. In fact, by purchasing power parity, Brazil is next to the USA.

So, they have a bit of a mixed economy. The government is participating; the private sector is participating. They have indigenous industries, arising from agriculture, coffee, soybeans and all of that. Then they have the high end with aeronautics, defence and all of that. So, the same country that makes a lot of money producing aircraft like Embraer and other companies is making more money just producing plain soybeans. So, the economic policy of President Tinubu is opposite to the one that has succeeded in Brazil. I’m happy that he’s there because by going there, he will see how wrongheaded his own policies are. On the other hand, I am not happy that he went there to spend all that money when the ruler is here. He could have spoken to me. He could have looked at the Social Democratic Party manifesto. He used to be a member of the SDP in good old days. So, why are you leaving the Brazilian type of manifesto which is available in Nigeria and then you are going to Brazil as a tourist to be in awe of the majesty of Brazil and the Brazilian economy as if it is by magic? It is by policy.

Look at them. The Central Bank of Brazil is crying because of 4.5 per cent inflation. We are celebrating 22 per cent inflation, which in reality is 13 per cent. Brazil says it should not be at three per cent. You look at it clearly; Brazil pays people money to go to school. If you study Posta Familiar very well, a family that puts their children in school, does immunization, does all of that, is guaranteed not to see poverty. And Brazil is struggling to make sure that the wealth that it has is better distributed. So, they acknowledged the fact that the problem of Brazil is not about making more money, it is about allocating efficiency that has social consideration. That is to say they want to distribute their wealth in a better way to make everybody more productive. Brazil is having five per cent unemployment. We are having over 30 or 40 per cent, depending on how you look at the statistics. So, how can you now say, I am now in Brazil as a tourist, how did they make it here? So, it is like the person who does not keep good health, who does not take a shower, who does not clean the environment, he looks at his neighbour’s house and says, why do you have to clean? Why is your dress so white? Why are all your children healthy? Just adopt that healthy policy. It is a good discussion and it is a discussion I am willing to have with the president, partisanship aside. You can stay in the government and I stay where I am in the SDP, but we can still have this conversation as to how Brazil managed it because everything that happened to Brazil happened to us.

Agreed that the reforms are the bitter pill that signposts good health when the medicine starts working; in the last two years or more of this government in power, we have seen top policies that have been made, is the medicine working or are we taking malaria medication for typhoid or cancer? Are the realities and the promises or the hopes that are being preached in tandem? What exactly do you think is going on?

Okay, let me tell you, there is a doctor, Bola Tinubu, who has an APP hospital, and he says he treats malaria patients. So, he makes sure the fever is gone. What does he do? If you take a patient there, he gives the patient rat poison. So, the patient would die, and the fever would die with the patient. That’s one way that he cures his own patients. If he has plenty of patients and 15 of them die, he will say I have only five fever patients left. That is not the best way to cure a patient. It’s not every medicine that is going to cure a fever, that’s number one. Number two, he went to the wrong country. He should have gone to Argentina, because his own policy is closer to the one done in Argentina, not the one being done in Brazil. Thirdly, the problem is not breaking the egg. You can ask women, how do you make an omelet? The easiest part is breaking the egg. You break the egg, and all the yolk and the white of the egg spills to the ground. If you break the egg, at that time you have no frying pan; you have not even lit the fire. So how are you going to make the omelet? The problem is that half of our eggs are broken, and nobody has had breakfast. You keep breaking the egg, you don’t see the omelet.

Prince, you are saying that this government is not doing the right thing. Maybe, they’ve put in place the right policies, but they are not implementing them the right way, is that what you are saying?

I am not just saying that President Tinubu’s government is not doing the right thing. There are some governments that don’t do the right thing. But I’m saying that they are not just doing the right thing, they are actively doing the bad thing. And the reason I’m able to say that, is that the president may disagree with the policy of the SDP. We raised the issue of farewell to poverty and insecurity, and we said you have to make social investment. And we said that you can grow your GDP by making social investments. He is trying to grow his own GDP by making social divestment and hoping that Brazilians, because I heard him calling Petrobras to come here, he is hoping that Brazilians, other people who have made social investments at home, and have redeveloped that social investment, are going to bring their own money to come and make foreign investment here. The policy is wrong. The third reason why I think the policy is wrong is that after criticizing the SDP or ignoring the SDP manifesto here, he is praising Brazil. Brazil is the benchmark for today’s discussion. I agree with the Channel TV. You can organize a session where you bring Wale Edun, you bring all the economic team of the APC, and you bring me, and you bring the SDP. We can have a debate for two hours in your session; if they can pay half, we can pay half.

And let us put these policies and explain them to Nigerian people. They are letting their own policies go wrong in five ways. One, they are behaving as if poverty can increase, and economic growth can also increase at the same time. It can’t happen. The journey of poverty must be inversely correlated with the journey of economic growth. So, if you grow your economy, poverty must be reduced. How do you reduce poverty? There are three ways to reduce poverty. One, you do immediate employment for people. You have to configure most of your policies to include employment. Second, you do social investment such as housing, health care, education, infrastructure and basic infrastructure for people. That is why I said he should go and study Bolsa Familia; that is the programme that saves Brazil. Thirdly, you must have systems in place for macroeconomic management, and you cannot cheat in that kind of examination. You must immediately tell the Governor of the Central Bank, gentlemen, meet the Minister of Finance, by the middle of my term, I want inflation to be single-digit.

If you can’t do it, leave my job, let me find somebody else because you have to make inflation to be single-digit. You have to reduce unemployment to single-digit. You must look at those two things, and you must increase productivity. So agricultural productivity is coming down, unemployment is rising, inflation is rising, and poverty is blooming. And then you go to Brazil and say, God loves Brazil more than us, or what? Or you’re asking the question, what do they have that we don’t have? They have common sense, they have good leadership, they understand economics, and they don’t want to cheat the economy. They want to study macroeconomic indicators and make sure that the policies are able to move the needle. It’s like you’re buying fuel into your car; you watch the gauge. If you’re buying fuel in your car, and the gauge is still empty, you ask, is the gauge faulty, or are they cheating you? Now you cannot say, I’ve spent N200,000 to fill the tank of a Land Cruiser, and the gauge is still empty, or less than one quarter.

You say, what happened? They are spending money, they are raising nominal increases in money; they are pumping money into the sub-national, into the state government, and all of that. They are spending all the money on certain invisibles, and they are happy that the economy is expanding, but they are not looking at the deliverables and the outcomes. That is what they are doing wrong. I will have more time, I will break it down for them, sector by sector, aspect by aspect, quarter by quarter, and I will tell them, medium term expenditure framework, and I will do the analytics of it, so that they will see the position. They will realize that they are not just going to Brazil, they are going away.

Ahead of the 2027 elections, politicking has begun in earnest. You saw what the PDP has done by zoning the presidential ticket to the south. What was your initial view when you heard that news?

Well, that’s what they should have done in 2023, because there is a popular demand that there should be equity in the country. So, they have this, at least from the elitist point of view, they have this north-south rotation that they’re doing. So, my only concern is that when it goes to the north, they bring the worst person. When it comes to the south, they also bring the worst person. But if it can be done positively, that when it goes to the north, they bring the best person, so you are voting for them not just because they are from the north, but because they are good for the job. And if it’s the turn of the south, you look for the best candidate also. So, I think, the party can correct its mistake, because the idea of rotation actually came from PDP. They were the ones who brought the idea of ‘turn-by-turn Nigeria Limited’, as Chief Bode George would call it. So, now that they are finally finding their way, they should not assume that that’s the only problem Nigerians have with them.

The problems we have with them is not just the north-south issue, it is the 16 years of bad governance. The luck that PDP has is that as bad as their government was, APC managed to equal them or even top them in mismanagement. Otherwise, Nigerians were not happy with the 16 years of PDP, and I think we haven’t forgiven them. So, it’s good that they’ve done this rotation thing, so as to make it easier for them to allow people to make more substantive arguments as to how to run the government. But I don’t think Nigerians want to see the PDP in power.

Finally, those who say the zoning to the south by the PDP just gave an easy answer or a quicker route for Bola Tinubu and the APC to clinch the election or win the election in 2027. What do you make of that?

Well, who is going to vote for President Tinubu in 2027 with all this suffering, with all the fake promises? President Tinubu said, ‘don’t vote for me if I don’t give you electricity’. Has he given it? He said: ‘I know the job; the job is tough. Let me do what I want to do. If you don’t like it, at the end of the four years, don’t vote for me.’ So, I don’t think if things remain the way they are in 2027, President Tinubu, in good conscience, shouldn’t be surprised if he’s massively voted out. Nigerians have suffered enough. His policies are not working and it’s not about us. Beside PDP and APC, Nigerians have better options. So, it’s not compulsory that if the PDP commits suicide, automatically, the APC inherits the politics. No, what we know is that APC and PDP are like Siamese twins. They are the same company now. They work together. Nigerians want alternative politics. We are looking for a new direction. That’s what people are saying; new direction.

People are talking about a new direction now. There’s nothing new about PDP. Definitely, there’s nothing new about APC. We’ve done change. We’ve done the next level. Now, we are in serious suffering. So, I think we need to understand that Nigerians have options. But if by 2027, something changes in terms of macroeconomics, in terms of security, in terms of poverty, in terms of employment, then President Tinubu becomes competitive. But the way it is now, I don’t think that for the good of the country, even for the good of the president himself, he should just go home and thank God that he’s the president for four years.

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Former presidential candidate of the Social Democratic Party (SDP) in the 2023 general election, Prince Adewale Adebayo, in this interview with select journalists, says President Bola Tinubu’s trip to Brazil
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2027: Obidient Movement Sensitises Nigerians in Imo on Need to Get PVCs

Amby Uneze in Owerri

The Imo State chapter of the Obidient Movement has vowed to mobilise millions of Nigerians into organised voting blocs to protect the integrity of the 2027 elections and ensure that the people’s mandate can no longer be stolen.

The State Coordinator, Anukanti Vigilius Chukwuka, who addressed journalists in Owerri, capital of Imo State, yesterday urged Nigerians from the ages of 18 and above to go and get registered and possess their Permanent Voter’s Cards (PVCs) which would enable them to vote and be voted for as patriotic citizens of the country.

According to the Obidient Movement, “we have come not just as members of a movement, but as citizens united by a common, urgent belief: that A New Nigeria is Possible.

The Coordinator said, “For too long, we have watched as the promise of our great nation has been stifled. We have endured the hardship of unaffordable food, the fear of insecure communities, and the frustration of systems that do not work. We have seen our best and brightest leave, not by choice, but by necessity. This is not the Nigeria we were promised. This is not the Nigeria we deserve.

“But lamentation is not a strategy. Hope is not a plan. Today, the Obidient Movement, Imo State Chapter, is excited to move from hope to action. In response to the national clamour to rescue our beloved nation, we are officially launching our statewide campaign: “A New Nigeria is Possible – Get Your PVC and GO MERD.”

“What is GO MERD? It is our blueprint, our battle cry, and our promise. Get Organised – Make Election Rigging Difficult.

“It underscores our new, focused mission as we head into the 2027 election season. We plan to mobilise millions of Nigerians into organised voting blocs to protect the integrity of our elections and ensure that the people’s mandate can no longer be stolen,” he said.

“The mission of the movement in the state is to galvanise every polling unit to make every Obidient to either lead or join a voting bloc of at least 100 Nigerians, insisting, we will work tirelessly to achieve 100 per cent PVC ownership in each and every one of these blocs. The Permanent Voter’s Card is not just a piece of plastic; it is your power. If the PVC wasn’t important, politicians wouldn’t be paying to have it stolen or bought,” he added.

“Their plan of action includes, calling on every committed Obidient in Imo State to immediately register on Obidients.com and create their voting bloc, adding, “your duty is to recruit members, track their PVC status, and prepare your bloc to vote as one united front in 2027.

“Again, they intend to mobilise door-to-door, from the streets of Owerri to the villages, using flyers, megaphones, and community influencers to spread the message including engaging market associations, religious centres, youth groups, and unions.”

The movement, however, urged INEC to recruit more hands in ad hoc capacity so as to get all interested people register, and appealed to the state government and security agencies to provide security to the staff of the commission to enable hitch-free registration.

“I call on every man and woman in Imo State who believes in a better future to take part in this campaign. Do not leave it for others. This is our collective responsibility.

“The path from frustration to transformation is clear. We can save Nigeria. We can make election rigging difficult. And together, as one organised, determined, and powerful force, we, the people of Imo State, will prove to the world that A New Nigeria is Possible,” the state Coordinator stated.

The post 2027: Obidient Movement Sensitises Nigerians in Imo on Need to Get PVCs appeared first on THISDAYLIVE.

Amby Uneze in Owerri The Imo State chapter of the Obidient Movement has vowed to mobilise millions of Nigerians into organised voting blocs to protect the integrity of the 2027 elections
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