Three Years of Cardoso: How the CBN Reshaped Nigeria’s Monetary System
Since Olayemi Cardoso became Central Bank of Nigeria governor in September 2023, the bank has pursued reforms aimed at addressing foreign-exchange distortions, weak policy transmission, banking-sector risks and declining confidence in the financial system. Key measures include a bank recapitalisation programme that saw 33 banks meet revised capital requirements by March 2026, raising about ₦4.65 trillion. The CBN also introduced succession rules for systemically important banks and approved a non-interest banking window for the Bank of Industry. The reforms are intended to produce a stronger, better-governed banking sector, improve financial-market infrastructure and support a more predictable economy. The lasting test will be whether they lead to greater currency stability, affordable credit and stronger investment. Central-bank decisions affect both economic management and public policy, but this discussion is primarily about banking and monetary reforms.
Use The App To Win ₦1m
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.