CBN Reaffirms Financial Stability, Targets $1B Monthly Diaspora Inflows at 300th MPC Meeting
The Central Bank of Nigeria (CBN) has reiterated its commitment to a sound and stable financial system, with Governor Olayemi Cardoso highlighting key reforms and renewed investor confidence during the 300th meeting of the Monetary Policy Committee (MPC) held in Abuja.
Governor Cardoso underscored that Nigeria’s economy is on a growth trajectory backed by enhanced stability, transparency, and improved monetary policies. “Investors don’t go where there’s instability. With stability comes confidence. With confidence comes investment—and with investment comes growth and output. That’s the path Nigeria is now firmly on,” he stated.
According to the Governor, the CBN has been steadfast in restoring confidence in the financial system through consistent oversight, transparency, and credible monetary reforms. “We’re making the system stronger, safer, and more accountable,” he added.
He highlighted the Nigeria Reform Bond for the Diaspora (NRBVN) initiative as a transformative tool, enabling Nigerians abroad to seamlessly invest at home. “We are targeting $1 billion in monthly inflows, and we’ll get there,” Cardoso said.
In line with its ongoing reforms, the CBN has published its audited financial statements, reinforcing its commitment to orthodox monetary policy. Cardoso stressed that the trust deficit is being addressed with visible actions and strategic partnerships, including collaborations with the Nigeria Inter-Bank Settlement System (NIBSS) to enhance Know Your Customer (KYC) protocols and protect the financial system.
The MPC welcomed recent policy measures by the Federal Government aimed at boosting local production and easing foreign exchange pressures. It also urged for increased support for non-oil exports to solidify Nigeria’s economic base.
The Committee reaffirmed its commitment to anchoring inflation expectations, stabilising the exchange rate, and maintaining overall price stability in the near to medium term. It also pledged to remain vigilant amid global and domestic uncertainties and to respond promptly to emerging economic shocks.
Governor Cardoso concluded with a message of growing global interest in Nigeria. “This is no longer a question of ‘Should we invest in Nigeria?’ It’s a question of ‘When do we invest in Nigeria?’” he said, noting that Nigeria’s more competitive currency and secure payment systems position it for stronger regional trade integration.
