By Seun Ibiyemi
The Central Bank of Nigeria (CBN) has swung from a ₦1.3 trillion deficit in 2023 to a ₦165 billion surplus in 2024 while raising the nation’s foreign reserves to $38.8 billion, according to an independent assessment by the Transparency Advocacy for Development Initiative (TADI).
The policy think-thank commended Governor Yemi Cardoso’s reforms in transparency, governance, and policy implementation.
TADI’s report, released in Abuja, attributed the turnaround to stronger income generation driven by higher foreign exchange revenues and cost-control measures as well as ongoing reforms in the FX market, including exchange rate unification under the “willing buyer, willing seller” model and clearance of verified FX backlog.
It noted that inflation, though still high, had started to ease following tightened monetary policies such as interest rate hikes and liquidity mopping, while the CBN also improved accountability by publishing IFRS compliant financial statements and unveiling a 10-point reform agenda to phase out quasi-fiscal roles.
The bank scored 6.5 on policy effectiveness and 7.5 on transparency and governance, with TADI praising progress in reserves management and reporting standards, but warning that inflation and FX volatility remain key challenges.