CBN strengthened naira, boosted investor confidence for 16 months – Cardoso

…urges greater backward integration in telecom sector

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on Thursday said the apex bank spent 16 months stabilising the foreign exchange market, strengthening the Naira’s competitiveness, and boosting investor confidence for the Nigerian economy.

This comes as he has renewed calls for deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians.

Speaking in Abuja on Wednesday during a courtesy visit to CBN Headquarters by Airtel Africa’s management team led by Group Chief Executive Officer Sunil Taldar, Cardoso emphasised the need to reduce the sector’s reliance on foreign exchange.

He noted that the CBN had spent the past 16 months and with the gains, he said, telecom firms must now embrace backward integration by producing essential components such as SIM cards, cables, and towers, locally. This shift, he argued, would not only ease dollar demand but also create jobs and strengthen the economy.

Read also: Cardoso ties naira’s now seven-month high stability to CBN reforms

Beyond industry reforms, Cardoso highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians. He announced plans for a high-level summit where the Apex Bank would collaborate with key industry stakeholders to develop strategies that promote accessible, efficient, and innovative financial services.

“The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally-driven financial ecosystem”, Cardoso said.

He also reassured Airtel and other stakeholders that the CBN would take the necessary steps to create an enabling environment for financial service providers, fostering competition, innovation, and expanded access for Nigerians.

In response, Sunil Taldar, Airtel Africa’s Group CEO,, commended the CBN’s reforms and voiced support for backward integration, emphasising that reducing reliance on the dollar would in the long-term favour the operations of the telecom operators.

The CEO, Airtel Nigeria, who was accompanied by Dinesh Balsingh; Group CFO; Jaideep Paul; and Femi Adediran, Director of Corporate Communications & CSR, reiterated Airtel’s commitment to deepening financial inclusion in Nigeria through technology-driven solutions, pledging continued collaboration with regulators to drive digitisation and economic growth.