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CBN Governor Cardoso Reaffirms Commitment to Banking Stability, Stronger Financial System
CBN Governor Olayemi Cardoso has restated his commitment to financial stability, noting that Nigeria’s ongoing bank recapitalisation will strengthen institutions, boost investor confidence, and support economic growth.
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reiterated his administration’s commitment to safeguarding the stability of Nigeria’s banking sector. He made this known on Saturday during a fireside chat moderated by Andreas Voss, Chief Country Representative of Deutsche Bank Nigeria, at the European Business Chamber (Eurocham Nigeria) C-Level Forum in Lagos.
Cardoso noted that the ongoing bank recapitalisation exercise is progressing well and will result in “even stronger institutions that can withstand shocks and finance growth.”
He highlighted that ongoing CBN reforms, alongside naira stabilisation measures, are key drivers of renewed investor confidence, as acknowledged by members of the EU Chambers.
While describing Nigeria’s current inflation as “elevated,” Cardoso explained that it is gradually decreasing due to collective policy efforts.
“We will protect the stability that has been re-established in the financial system with the utmost zeal. Our primary objective is to maintain that stability while simultaneously addressing inflation and ensuring that the financial system is sufficiently resilient to facilitate corporate lending and investment,” he stated.
Addressing concerns about high lending rates, the CBN Governor admitted it was a challenge but expressed optimism that rates would fall as inflation continues to ease and markets allocate capital more efficiently.
“That is the environment in which stronger corporate lending and higher levels of investment will naturally follow,” he added.
Cardoso further explained that the recapitalisation directive requiring banks to raise their minimum capital is aimed at strengthening the financial system to better support wider economic activities.
He also underscored the importance of technology-driven solutions in deepening financial inclusion, tackling poverty, and boosting the fintech ecosystem.
The CBN Governor stressed that increased collaboration with fiscal authorities—including the Ministry of Finance, the Ministry of Trade and Industry, and the Budget Office—remains central to his administration’s strategy to consolidate economic stability and growth.
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