The governor of the Central Bank of Nigeria has said the
reforms implemented by President Bola Ahmed Tinubu’s government in the past
eighteen months are not easy but are delivering results.
This is according to Cardoso’s excerpts released upon the
closure of the 2025 IMF/World Bank Spring Meetings in Washington, D.C., in the
US.
He explained that Nigeria’s delegation attended the meetings
to showcase economic reforms under President Bola Tinubu’s administration.
“Thanks to the steps taken over the past 18 months, we have
strengthened our monetary buffers and positioned Nigeria to better withstand
external shocks,” Cardoso said.
“To all Nigerians: these reforms are not easy, but they are
delivering results. We have moved from a position of vulnerability towards one
of growing strength, and our economic trajectory is beginning to turn
positive”, he added.
Recall the Tinubu government rolled out several policies,
including liberalisation of the foreign exchange market and fuel subsidy
removal in 2023.
Cardoso introduced FX code, the Electronic Foreign Exchange
System (EFEMS), and recapitalization of the financial system, among other
reforms.
While the reforms under Cardoso remain noteworthy, Nigeria’s
inflation dropped to 23.18 percent in March, and the interest rate stood at
27.50 percent in February 2025 amidst the rising cost of living in Nigeria.
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