Cardoso unveils economic outlook for 2025, pushes for greater economic diversification
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, in his keynote address at the 59th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria (CIBN), highlights economic reforms and banking sector resilience over the past year.
Cardoso, at the 59th Annual Bankers Dinner of Chartered Institute of Bankers of Nigeria (CIBN) reads riot act to financial institutions found engaging in malpractices or deliberate sabotage of seamless cash flow for Nigerians.
“The CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end. Our focus is on ensuring a seamless cash flow for Nigerians while fostering trust and stability in the financial system.
Cardoso urged customers to report difficulties withdrawing cash from bank branches or ATMs directly to the CBN with effect from December 1, 2024.
CBN to review the implementation of the e-Naira, to optimize broad and positive economic impact.
“Inflation remains unacceptably high, but the signs are encouraging. Our commitment is unwavering: we will prioritize price stability until its benefits are felt by every Nigerian, ” Cardoso said.
Cardoso highlights the resilience of Nigeria’s banking sector: NPLs under five per cent, liquidity ratios over 30per cent. Banks are poised to fuel economic growth, with a focus on MSME credit access.
Cardoso celebrates Nigeria’s fintech triumphs as the ecosystem thrives, driving financial inclusion and attracting global investors. With several fintechs achieving unicorn status this year, Nigeria’s leadership in innovation is undeniable.
Cardoso unveils Payment System Vision 2025, designed to revolutionize cross-border payments, advance open banking, and expand the regulatory sandbox, driving innovation and economic growth in Nigeria.
·Cardoso says CBN, in 2025, will prioritize initiatives including implementing open banking framework, advancing contactless payment systems, and expanding regulatory sandbox. 12/15
