Olayemi Cardoso: Key actions taken to prioritise price and exchange stability, promote economic growth, and a look ahead to 2025

Keynote address by Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria, at the Chartered Institute of Bankers of Nigeria 59th Annual Dinner, Lagos, 29 November 2024.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Distinguished guests, esteemed members of the Chartered Institute of Bankers of Nigeria, colleagues, and friends, good evening,

I am delighted to join you tonight at the CIBN's 59th annual dinner. My gratitude goes to the leadership of the CIBN led by its President, Prof. Pius Olanrewaju and the Registrar/CEO, Akin Morakinyo for the gracious invitation. The CIBN stands as a critical pillar in Nigeria's financial system, sharing our vision at the Central Bank of a banking community that actively contributes to the inclusive development of our economy.

Ladies and Gentlemen, we gather tonight at a pivotal moment of economic transition. The reforms we have undertaken over the past year have been both challenging and essential. One year ago, I shared with this audience - many of whom are here tonight - that through targeted policies, transparent market operations, effective coordination between monetary and fiscal authorities, and a commitment to rebuild trust, we would stabilize the exchange rate, curb inflation, strengthen banks' capital buffers, and foster an environment conducive to the success of both businesses and individuals. 

In my address this evening, I will take you through our journey over the past 12 months, highlighting the key actions we have taken to prioritize price and exchange rate stability, catalyze sustainable economic growth, and protect the livelihoods of millions of Nigerians; as well as outline our priorities for 2025.