The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the apex bank’s reforms have returned confidence in the country’s financial sector.

In a statement at the weekend, Cardoso disclosed this at a global forum at Nasdaq MarketSite in New York on Thursday.

In his address alongside Nobel Prise-winning economist Dr James Robinson and Reverend Richard L. Pearson, Professor at the University of Chicago, Cardoso outlined his comprehensive reform strategy encompassing monetary tightening, foreign exchange market transparency, and enhanced financial governance.

He emphasised that the initiatives are establishing the foundation for sustainable macroeconomic stability and heralding a new era of transparency and confidence.

Governor Cardoso reaffirmed the CBN’s unwavering commitment to rebuilding credibility through orthodox monetary policy, transparency, and consistency.

“We inherited a crisis of confidence but chose a different path. We’re not turning back,” he stated decisively.

On his part, Mr Muhammad Abdullahi, Deputy Governor for Economic Policy at the CBN, delivered a macroeconomic update highlighting sharp increases in foreign exchange turnover, which indicates signs of disinflation, and strengthening external reserves.

“With a market-determined exchange rate and a transparent, rules-based policy framework, confidence is gradually being restored in Nigeria’s economy,” he noted.

Also, Temi Popoola, Group CEO of NGX, moderated the Q&A session, while Dr Olubukola Akinniyi Akinwunmi, Director of Banking Supervision at CBN, delivered the closing remarks.

The forum comes as a buildup to the International Monetary Fund (IMF) and World Bank Group (WBG) Spring meetings commencing Monday, April 21, 2025.

Leading telecommunications giant, MTN Nigeria, has injected fresh energy into its fibre broadband service, rebranding it from MTN Fibre Broadband to FibreX. The company announced the change on Friday, with Chief Broadband Officer, Mr. Egerton Idehen, hailing it as a pivotal step in MTN’s commitment to driving Nigeria’s digital evolution.
“The launch of FibreX reiterates our dedication to supporting Nigeria’s digital transformation journey,” Idehen affirmed.
This rebranding aligns strategically with Nigeria’s ambitious National Broadband Plan (NBP) 2020–2025, which targets 70% broadband penetration by 2025, promising minimum speeds of 25 Mbps in urban centers and 10 Mbps in rural areas. Idehen emphasized FibreX’s crucial role in achieving this national objective through enhanced infrastructure and wider accessibility. “By enhancing our infrastructure and services, we aim to bridge the digital divide and foster inclusive growth,” he stated.
In a move that also supports the Federal Government’s push to expand the national fibre optic network, MTN Nigeria disclosed that FibreX is poised to contribute significantly to increasing the nation’s fibre capacity from 35,000 km to a robust 125,000 km, involving the laying of an additional 90,000 km of fibre.
While the robust fibre-to-the-home (FTTH) infrastructure underpinning the service remains unchanged, MTN opted for the “FibreX” moniker to forge a stronger connection with consumers and reflect a more contemporary brand identity. “While the service continues to rely on our powerful FTTH (Fibre to the Home) infrastructure, the new brand name represents a more modern, relatable, and emotionally engaging identity,” Idehen explained.
The choice of “FibreX,” according to Idehen, is intended to better engage and resonate with users on a personal level, ultimately elevating their overall experience. “The goal is to educate and excite consumers in home-passed locations about the benefits of FibreX,” he added. He clarified that “home-passed locations” refer to the number of homes or premises within a designated service area that are eligible for connection to MTN’s FTTH network.
As Nigeria accelerates its drive towards digital inclusion, MTN underscores that initiatives like FibreX are indispensable for realizing nationwide connectivity.
In related news: MTN Nigeria has recently forged infrastructure-sharing agreements with Airtel Africa in both Nigeria and Uganda, a strategic collaboration aimed at boosting network cost efficiency, broadening coverage, and enhancing the quality of mobile services. This move aligns with a global trend of network sharing among operators to optimize costs and deliver more reliable, high-quality services. The partnership encompasses Radio Access Network (RAN) sharing, commercial and technical agreements for fibre infrastructure, and potential joint construction of new fibre networks. Both MTN and Airtel are also exploring similar collaborative ventures in other African markets, including Congo-Brazzaville, Rwanda, and Zambia.

By Anastasia John E

NEW YORK, NY – Ahead of the crucial 2025 IMF & World Bank Spring Meetings, Nigeria took center stage in the global financial arena, hosting a high-level investment forum at the Nasdaq MarketSite on April 17th. The Central Bank of Nigeria (CBN), in collaboration with J.P. Morgan and the Nigerian Exchange Group (NGX), presented “The Nigeria Investment Agenda: Pathways for Growth & Global Partnerships,” aiming to reignite investor confidence and showcase the nation’s reform progress.
Led by Governor Olayemi Cardoso, the CBN detailed its 18-month reform journey, emphasizing monetary tightening, enhanced FX market transparency, and robust financial governance. This strategic shift signals a clear commitment to long-term macroeconomic stability and a new era of openness.

The forum served as a platform to engage critical voices, review achievements, and chart the course for sustainable partnerships and long-term capital inflow. Governor Cardoso underscored the CBN’s resolute goal: to reclaim its position as a credible and globally respected institution.
Deputy Governor Muhammad Sani Abdullahi delivered an encouraging macroeconomic update, highlighting a significant surge in FX turnover, early indications of disinflation, and a strengthening of Nigeria’s external reserves. He emphasized that a market-determined exchange rate coupled with a transparent, rules-based policy framework is gradually restoring faith in the Nigerian economy.

A high-powered panel discussion, “Repricing Nigeria: Assessing the Scope for Sustained Change,” featured prominent global financial leaders including Joyce Chang (JPMorgan Chase), Jason Rekate (Citi), Razia Khan (Standard Chartered), and Ahmad Zuaiter (Jadara Capital Partners). Moderated by Gavin Serkin (Frontier Intelligence), the panelists offered insightful perspectives on Nigeria’s investment prospects, noting a renewed international interest driven by improved fundamentals, stronger governance, and clearer policy direction.

In a compelling fireside chat, Governor Cardoso engaged with Nobel laureate Dr. James Robinson, reaffirming the CBN’s unwavering commitment to restoring credibility through orthodox monetary policy, transparency, and consistency. “We inherited a crisis of confidence, but we chose a different path. We’re not turning back,” Governor Cardoso asserted.
The event commenced with opening remarks from Tal Cohen, President of Nasdaq, and was expertly anchored by Dr. Nkiru Balonwu, Adviser on Stakeholder Engagement at the CBN. Temi Popoola, Group CEO of NGX, moderated the engaging Q&A session, while Dr. Olubukola Akinniyi Akinwunmi, Director of the Banking Supervision Department at the CBN, provided the concluding remarks.

The presence of US-based diaspora members of the CBN Board and Monetary Policy Committee – Mr. Robert Agbede, Prof. Melvin Ayogu, and Dr. Aloysius Ordu – underscored the Bank’s commitment to global engagement and leveraging Nigerian talent worldwide. This high-level forum on Wall Street signals Nigeria’s proactive approach to attracting global capital and fostering enduring economic partnerships.

…Apex Bank Warns Skewed Trade Flow Hinders Naira-Yuan Deal, Urges Non-Oil Export Drive

The Central Bank of Nigeria (CBN) has issued a stark warning, stating that the persistent and significant imbalance in trade between Nigeria and China poses a serious threat to the anticipated benefits of their bilateral currency swap agreement. Speaking at a Maritime Reporters Association of Nigeria (MARAN) breakfast meeting in Lagos, CBN Governor Dr. Olayemi Cardoso, represented by his Special Adviser on Finance and Strategy, Mr. Anthony Ogufere, highlighted the skewed trade dynamic as a critical impediment to the long-term success of the deal.
“The imbalance in trade flows constrains Nigeria’s capacity to reap the full benefits of the swap agreement,” Ogufere cautioned, echoing the Governor’s concerns. While acknowledging the agreement’s role in facilitating smoother imports from China, he pointed out Nigeria’s consistently low export volume, primarily consisting of unprocessed raw materials like crude oil, natural gas, and solid minerals. This export composition limits the inflow of the Chinese yuan, further exacerbating the already substantial trade disparity.
Illustrating the extent of the imbalance, Ogufere cited the 2023 trade figures, revealing that Nigeria’s exports to China amounted to a mere $2.51 billion, a stark contrast to the approximately $20 billion worth of goods imported from China during the same period.
To unlock the true potential of the currency swap, the CBN emphasized the urgent need for Nigeria to aggressively boost its non-oil exports to China. This requires a strategic shift towards value addition through processing and manufacturing. “To maximise the benefits of the swap agreement, Nigeria must boost its non-oil exports to China by adding value to the products through processing,” Ogufere stated emphatically. He further urged Nigeria to leverage the agreement to stimulate domestic manufacturing and infrastructure development, rather than relying heavily on importing consumer goods. “In addition, Nigeria must be proactive and should use the arrangement to boost manufacturing and infrastructure, instead of importing more consumer goods. We must not import what we can produce,” he stressed.
Despite the looming threat posed by the trade imbalance, the CBN Governor underscored the significant strategic value and tangible advantages that the Nigeria-China currency swap agreement continues to offer. One key benefit highlighted was the substantial reduction in transaction costs for Nigerian businesses engaged in trade with China. Before the swap, traders faced complex and costly multi-layered currency conversions, fraught with foreign exchange risks and transaction delays.
“The currency swap agreement streamlines this currency conversion process by enabling settlements of trade in naira and renminbi directly,” Ogufere explained. He also noted the agreement’s success in reducing Nigeria’s dependence on the US dollar for bilateral trade with China, citing a significant 39 percent decrease in dollar dependency.
Furthermore, the CBN believes the swap deal enhances Nigeria’s credibility as a trading partner in the eyes of both China and the wider global investment community. By streamlining transactions and reducing inefficiencies, it fosters greater investor confidence, potentially attracting increased Foreign Direct Investment (FDI). “This improved financial and trade integration with China can also unlock greater access to infrastructure development financing, positioning Nigeria as a more attractive destination for long-term investments,” Ogufere asserted.
The agreement also empowers Nigerian banks to issue renminbi Letters of Credit for importers, facilitating smoother trade with Chinese businesses. Conversely, Chinese investors and firms operating in Nigeria can transact in naira, eliminating the need for a third-party currency like the US dollar. “The agreement was designed to eliminate third-party currency, thereby reducing pressure on dollar reserves, transaction costs, foreign exchange risks, and the turnaround time for trade settlements,” Ogufere reiterated.
Beyond trade facilitation, the CBN highlighted the framework the swap deal provides for enhanced regulatory cooperation between Nigeria and China, particularly in critical areas such as anti-money laundering efforts, financial transparency, and the combatting of illicit financial flows.
Earlier, MARAN President Mr. Godfrey Bivbere articulated the association’s rationale for hosting the forum, emphasizing their role as a crucial economic watchdog. He stated that the meeting aimed to provide critical analysis and facilitate dialogue on significant national economic issues. “The Nigeria-China swap deal needs critical examination given the increasing debt burden and Nigeria’s substantial debt to China, as well as other concerns raised by Nigerians,” Bivbere noted, acknowledging the prevailing public sentiment of pessimism regarding the trade relationship and the currency swap’s implications for Nigeria’s economy.