CBN is positioning banks for $1trn economy – Cardoso

The Central Bank of Nigeria, CBN, is pursuing policies that will position the banking sector for a one trillion Naira economy.

CBN Governor, Olayemi Cardoso, stated this in Abuja, Thursday, during the Monetary Policy Forum 2025, with fiscal authorities, legislative, private sector, development partners, subject-matter experts, and scholars in attendance.

Speaking on “Managing the Disinflation Process,” Cardoso stressed that the goal of the CBN is to ensure that monetary policy remains forward-looking, adaptive, and resilient.

He said: “The CBN also focused on strengthening the banking sector, introducing new minimum capital requirements for banks (effective March 2026) to ensure resilience and position Nigeria’s banking industry for a $1T (one trillion dollars) economy.

“This week, the CBN launched the Nigeria Foreign Exchange Code, marking a decisive step forward for integrity, fairness, transparency and efficiency in our FX market.

“Built on six core principles, it represents a binding commitment from the financial community to rebuild trust and inspire confidence.”

Financial inclusion

Cardoso also spoke on the CBN policy on financial inclusion.

“Financial inclusion also remains a priority. The Women Entrepreneurs Finance, We-FI, initiative under the National Financial Inclusion Strategy, is bridging the gender gap, ensuring more women have access to financial services and digital tools.

“Remittances through IMTOs rose 79.4% to US$4.18 billion in the first three quarters of 2024, demonstrating the positive impact of FX reforms.

“Additionally, the CBN lifted the 2015 restriction barring 41 items from accessing FX at the official market to enhance trade and investment.

These reforms and developments reflect the Bank’s commitment to creating an enabling environment for inclusive economic development.

“However, achieving macroeconomic stability requires sustained vigilance and a proactive monetary policy stance.

“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” Cardoso promised.