CBN FX Reforms Spark 200% Surge in Capital Inflows, Says Cardoso

The Central Bank of Nigeria’s (CBN) ongoing foreign exchange (FX) market reforms have triggered a remarkable 200% increase in capital inflows, the CBN Governor, Olayemi Cardoso, has revealed.

Speaking at a recent alumni lecture in Lagos, Cardoso said the reforms, which include the removal of multiple exchange rates and improved market transparency, have restored investor confidence and strengthened Nigeria’s position in the global financial system.

The measures we have implemented have not only boosted foreign investment but have also enhanced liquidity in the market, making the economy more resilient to external shocks,” Cardoso said.

He highlighted that the reforms have coincided with a substantial rise in Nigeria’s external reserves, now surpassing $50 billion, reflecting a healthier balance-of-payments position. Inflation, he noted, has also moderated, falling from around 34% to approximately 15%, signalling greater macroeconomic stability.

Cardoso added that these policy adjustments position Nigeria to better withstand geopolitical uncertainties and global financial shocks.

“The economy is in a far stronger position today than it was before the reforms,” he said.

The governor reaffirmed the CBN’s commitment to sustaining reforms that promote stability, transparency, and investor-friendly policies, underscoring the bank’s goal of strengthening the Nigerian economy for long-term growth.