CBN Governor Woos Global Investors in Washington, Cites 14.4% Inflation Drop and $44bn Reserve Buffer as Proof of Reform Success

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has taken Nigeria’s “orthodox” economic story to the heart of global finance, assuring international business leaders that the country has moved beyond the era of unpredictable policy shifts and market distortions.

Speaking at the U.S.–Nigeria Executive Business Roundtable, Cardoso detailed how a series of “tough but necessary” reforms have begun to yield measurable macroeconomic stability. The engagement, which brought together senior U.S. corporate executives and institutional investors, served as a strategic platform to reposition Nigeria in the global capital markets ahead of the 2026 fiscal year.

“We are building a stable macroeconomic foundation that is intentionally structured to reduce uncertainty,” Cardoso told the gathering. “Our focus is on creating a transparent, rules-based environment where investors can have clarity and certainty, even in a volatile global economy.”

The Governor pointed to the Electronic Foreign Exchange Matching System (EFEMS) as a cornerstone of the new FX regime. By allowing market forces to determine exchange rates through a transparent digital platform, the CBN has successfully minimized arbitrage and improved dollar liquidity. This stability is reflected in the Naira’s current trading range and the significant accretion to foreign reserves, which now stand at a robust $44.56 billion.

A major highlight of the pitch was Nigeria’s success in “taming the inflation beast.” With headline inflation cooling to 14.45% in November 2025, Cardoso argued that the Bank’s aggressive monetary tightening and shift toward inflation targeting are working. He noted that this disinflationary trend, coupled with Nigeria’s recent exit from the FATF Grey List, makes the country’s financial assets increasingly attractive to global fund managers.

Furthermore, the Governor provided an update on the Banking Sector Recapitalization, noting that the exercise has triggered a surge in capital market activity. With over ₦2.2 trillion already raised by major banks, the Nigerian financial system is becoming more resilient and better equipped to support large-scale productive investments in infrastructure and manufacturing.

Cardoso concluded by emphasizing that the CBN’s “convening power” is now focused on collaborating with fiscal authorities to ensure that these stabilization gains translate into inclusive growth. “Nigeria is not just open for business; we are open for disciplined business,” he added.