Removing Bottlenecks Boosting FX Inflows—Cardoso

He disclosed this at a meeting of the Nigerian government delegation led by the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun and international investors on the sidelines of the ongoing Spring Meetings of the IMF and World Bank in Washington D.C.

The central banker assured the global investment community that the apex bank will strengthen its processes to sustain gains from recent reforms and confidence in the economy.

Mr Cardoso stated that the “difficult reforms that have been undertaken have begun to bear fruit,” adding that  “the numbers speak for themselves”, indicating positive developments in the Nigerian economy.

He highlighted the significant progress made in the remittance space noting that initial scepticism was overcome.

He said monthly remittances increasing from approximately “$200 million plus  on a monthly basis to a peak of around $600 million by August [2024]”.

He said this was achieved by “understanding where the bottlenecks were and we  did everything to remove them” and by closing the gap on different exchange rates.

Mr Cardoso also explained that engaging with the diaspora community through roadshows also yielded positive responses.

“The CBN has also involved the banking system in these efforts, including targeted outreach to non-resident Nigerians,” he said.

Governor Cardoso stressed the importance of a competitive Naira, describing this as a game changer and a great transformative tool that has shifted how foreign direct investors view Nigeria, noting that investors are increasingly comfortable with the availability of a competitive currency, making business more attractive.

Speaking on the global economy and how developments in the oil market affects Nigeria, an exporter of crude oil, Mr Cardoso reassured that the impact of oil price fluctuations is “quite manageable”.

He also promised that the country will continue on bettering policies that attract investments into core sectors.