CBN committed to rooting out bad actors in Nigeria’s FX market – Cardoso 

Cardoso made the statement in his personal remarks at the February 2025 Monetary Policy Committee (MPC) meeting, stressing the need for strict regulatory oversight and transparency in Nigeria’s FX market.

A copy of the document was published on the bank’s website on Tuesday and seen by Naijaonpoint.

According to him, ensuring the smooth functioning of the FX market is central to achieving price stability, fighting inflation, and sustaining the broader economy.

“We must maintain a heightened level of surveillance in our foreign exchange market and root out any bad actors and practices that threaten the smooth functioning of the market and stability of the exchange rate. The Central Bank has an unwavering commitment to this objective,” he said. 

Cardoso attributed the growing stability in the FX market to recent reforms by the Bank, including the launch of the Electronic Foreign Exchange Matching System (B-Match) and the Nigeria Foreign Exchange Code.

This has helped in stabilising the naira and restoring confidence in the system.

While acknowledging the gradual moderation in inflation following the rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS), Cardoso stressed that inflationary pressures remain a key risk — particularly from food prices and legacy structural issues.

According to the newly rebased data, headline inflation dropped to 24.48% in January 2025, down from 34.80% in December 2024 under the old methodology.

He concluded by reiterating the Bank’s resolve to defend recent gains in the FX market and broader economy through a mix of policy consistency, strong surveillance, and reform execution.