Muhammad Sani Abdullahi, deputy governor for economic policy at the Central Bank of Nigeria (CBN), has said the country is beginning to regain macroeconomic stability after a period of acute crisis, following a sweeping set of monetary and foreign exchange reforms embarked on following the change in the bank’s leadership in 2023. Abdullahi was speaking at a panel on “Regulation, Risk and Resilienc...
The reform programme initiated by the CBN in 2023 addresses a dire economic situation marked by broken monetary policy transmission, collapsed exports, collapsing oil GDP for three years, and severe foreign exchange backlog. The reforms aim to stabilize the currency, revive capital inflows, and consolidate stability to attract sustained foreign and domestic investment.
However, global conditions remain fragile, and the CBN's priority is to maintain stability while positioning Nigeria favorably f...