The Central Bank of Nigeria (CBN) is pursuing policies that will prepare the banking sector for a one-trillion-Naira economy.
Olayemi Cardoso, Governor of the Central Bank of Nigeria, announced this in Abuja on Thursday at the Monetary Policy Forum 2025, which was attended by fiscal authorities, legislators, the private sector, development partners, subject matter experts, and scholars. Speaking on “Managing the Disinflation Process,” Cardoso stated that the CBN’s mission is to keep monetary policy forward-looking, flexible, and robust.
He stated: “The CBN also focused on strengthening the banking sector, proposing new minimum capital requirements for banks (starting March 2026) to ensure resilience and position Nigeria’s banking system for a $1 trillion (one trillion dollar) economy.
“The CBN launched the Nigeria Foreign Exchange Code this week, which represents a significant step forward for our FX market’s integrity, fairness, openness, and efficiency. “Built on six core principles, it represents a binding commitment from the financial community to rebuild trust and inspire confidence.”
Financial Inclusion
Cardoso also discussed the CBN’s policy on financial inclusion. “Financial inclusion remains a focus. The Women Entrepreneurs Finance, or We-FI, program, which is part of the National Financial Inclusion Strategy, aims to close the gender gap by providing more women access to financial services and digital technologies.
“Remittances via IMTOs increased by 79.4% to US$4.18 billion in the first three quarters of 2024, demonstrating the positive impact of FX reforms.” “The CBN also abolished the 2015 restriction that barred 41 goods from accessing FX in the official market in order to boost commerce and investment.
These reforms and achievements demonstrate the Bank’s commitment to promoting inclusive economic development. “However, sustaining macroeconomic stability necessitates continued attention and a proactive monetary policy posture.
“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” says Cardoso.
