3 Years Of Reforms: How Cardoso Is Rebuilding Nigeria’s Financial System

When Olayemi Cardoso assumed office as governor of the Central Bank of Nigeria (CBN) on September 22, 2023, the foreign exchange market was among the biggest problems confronting the financial system.
There was a backlog of dollar obligations, multiple exchange rates, severe scarcity of foreign exchange and growing frustration among manufacturers and businesses that struggled to access dollars through official channels.
Three years on, the architecture of the market has changed significantly. The CBN has moved towards a more market-driven foreign exchange system while simultaneously pushing through a banking recapitalisation, modernising payments infrastructure, strengthening financ...