The Governor of the Central Bank of Nigeria (CBN) Yemi cardosohas admitted that 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.
CBN boss 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.
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 per cent in March, and the interest rate stood at 27.50 percent in February 2025 amidst the rising cost of living in Nigeria.
