Cardoso bags global award for forex, FATF reforms

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been honored with the prestigious Central Bank of the Year Award at the Central Banking Awards ceremony in London. The award recognizes his leadership and the significant reforms undertaken during his tenure.

Cardoso dedicated the accolade to the entire CBN team, emphasizing that the achievement is a collective testament to their unwavering commitment to institutional reform and economic stability. "I accept this award on behalf of the board, management and staff of the Central Bank of Nigeria. Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good," he stated.

Reflecting on the global economic challenges, Cardoso acknowledged the difficult but necessary measures implemented by the CBN. These include efforts to combat high inflation, overhaul the foreign exchange market, and strengthen financial infrastructure for long-term development. Key milestones achieved under his leadership include Nigeria's exit from the Financial Action Task Force (FATF) grey list and the successful completion of the banking sector recapitalization exercise.

Cardoso expressed optimism about the progress made, attributing the renewed confidence in the Nigerian economy to the collaborative efforts of the Federal Government, market participants, development partners, and the resilience of the Nigerian people. He views the award not as a final destination but as encouragement to continue the work of restoring confidence, enhancing institutional resilience, and building a foundation for sustainable economic growth.

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I accept this award on behalf of the board, management and staff of the Central Bank of Nigeria. Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good.