Nigeria on point of stability says Cardoso

…says Naira undervalued

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), expressed optimism about the country’s economic stability during the launch of The Nigerian Economic Summit Group (NESG) macroeconomic outlook report for 2024 ttitled ‘Economic Transformation Roadmap,Medium-Term Policy Priorities,’ took place in a hybrid format in Lagos.

Cardoso stated, “I believe we are as a nation at the point of stabilization. If the goals of this stabilization phase are achieved, they will have a significant and immediate impact.” This is even as he noted that naira is currently undervalued in the FX market.

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Emphasizing the importance of stabilizing macroeconomic indicators such as inflation rate, GDP growth, fiscal balance, and exchange rate, he highlighted their crucial role in fostering economic recovery and laying the groundwork for long-term economic growth.

“This phase is focused on stabilising macro economic indicators just as inflation rate, GDP growth, fiscal balance and exchange rate which are essential fostering the country towards economic recovery laid the groundwork for long term economic growth,” he said.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.