The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has stated that economic stabilisation is not an end in itself, but merely a foundation for long-term institutional capital, stronger market infrastructure, and closer ties to international markets.
Speaking during high-level engagements in Singapore aimed at strengthening Nigeria’s financial connectivity with Asia, Governor Cardoso addressed participants at the Nigeria-Asia Financial Connectivity Dialogue, which was hosted at J.P. Morgan’s Singapore offices and opened by the Managing Director of J.P. Morgan West Africa, Mr Dapo Olagunju.
Emphasizing the true objective of ongoing reforms, Cardoso noted that foreign-exchange reforms are designed to remove distortions, restore transparency, and strengthen confidence in market participation rules.
“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” Cardoso stated.
The Governor’s programme in Singapore also featured discussions with the Monetary Authority of Singapore (MAS) regarding financial-sector development, regulation, market connectivity, and innovation.
The visit also marked the signing of a Memorandum of Understanding with the Global Finance & Technology Network (GFTN) to establish a framework for financial innovation collaboration.
Cardoso also highlighted fintech and artificial intelligence as emerging forces driving financial services, risk management, financial inclusion, and regulatory capability, while identifying new opportunities in payments, settlement, and cross-border links between Nigerian and Asian banks.
He emphasized that Nigeria’s engagement with Asia extends beyond attracting investment flows, aiming instead to foster durable relationships between institutions, markets, businesses, and people, including Nigerians living and working across the region.
