The Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained how the apex bank is making steady progress in stabilising the foreign exchange market and tackling inflation.
Cardoso spoke when he received the President, Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) Ms. Adaora Ndukwe and students from Havard Kennedy School (HKS) on a courtesy visit to the CBN Head office, Abuja, on Tuesday, March 18, 2025.
According to a press statement by the CBN, the visit is part of the HKS Africa Trek between Ghana and Nigeria to engage with visionary leaders and gain insights into governance, innovation, and economic development in West Africa.
The delegation comprised 50 students from 19 countries, including representatives from the Harvard Business School, Massachusetts Institute of Technology and Stanford University.
It marked the first time a Harvard Africa Trek delegation would visit the Central Bank of Nigeria.
Addressing the delegation, Cardoso, an alumnus of the Harvard Kennedy School and the first African elected to the global HKS Alumni Board of Directors, said the Bank remained committed to fostering intellectual engagement and driving policy-oriented solutions.
“As we reset the Bank, we are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” he said.
The CBN governor noted that while Nigeria’s economy had faced recent challenges, key indicators suggest improvements are underway.
He said the ongoing reforms are beginning to reflect in greater stability in the FX market and a gradual moderation in inflationary pressures.
The statement read, “Addressing Nigeria’s economic landscape, Mr Cardoso acknowledged recent challenges but highlighted progress in stabilizing the foreign exchange market and curbing inflation.”
Cardoso also cited recent visits by executives from JP Morgan, Citibank and the International Monetary Fund as signs of renewed investor confidence in Nigeria’s economy.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe and the HKS Nigeria Trek Delegation Lead, Ms Sheffy Kolade, thanked the CBN for hosting the students.
They commended the bank’s willingness to engage with future policymakers and provide them with first-hand insights into Nigeria’s economic landscape.
The Africa Trek initiative is designed to foster direct interactions between emerging global leaders and key policymakers on the continent. It provides a platform for in-depth discussions around governance, innovation, economic development and the role of central banking in national progress, the statement noted.
