Cardoso bags global award for forex, FATF reforms

The Governor of the Central Bank of Nigeria, Olayemi Cardoso has received the Central Bank of the Year Award at the Central Banking Awards ceremony held in London.

According to the apex bank’s statement, Cardoso received the award on Wednesday and dedicated the honour to the board, management, and staff of the bank for their steadfast commitment to institutional reform and economic stability.

In his acceptance speech, Cardoso expressed appreciation to Central Banking Publications and the award judges for the recognition. He also congratulated fellow institutions and individuals honoured during the event.

The CBN governor stressed that the award was not a personal achievement but a testament to the collective efforts of the entire bank, particularly the professionals whose dedication, integrity, and expertise, often exercised away from public attention, had strengthened the bank and reinforced confidence in Nigeria’s economy.

He said, “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.”

Reflecting on the global economic landscape, Cardoso noted that recent years had presented significant challenges for central banks worldwide, with Nigeria facing its own share of economic pressures and policy tests.

He highlighted several difficult but necessary measures undertaken by the CBN, including efforts to address elevated inflation, implement major reforms in the foreign exchange market, and invest in critical digital and financial infrastructure to support the country’s long-term economic development.

Cardoso also pointed to key milestones achieved during the period, including Nigeria’s removal from the Financial Action Task Force grey list and the successful completion of the banking sector recapitalisation exercise. He noted that these accomplishments reflected the collaborative efforts of multiple institutions and stakeholders.

According to the governor, the bank’s reform agenda has been guided by a clear objective to restore confidence, strengthen institutional resilience and policy credibility, and lay a solid foundation for sustainable economic growth.

While acknowledging that significant work remained ahead, Cardoso expressed optimism about the progress made so far and the renewed confidence emerging across the economy.

He attributed these gains to the support of the Federal Government, market participants, development partners, and, most importantly, the resilience and confidence of the Nigerian people.

“We receive this recognition with humility. We see it not as a destination, but as encouragement to continue the important work ahead,” he said.

Cardoso reaffirmed the CBN’s commitment to preserving public confidence, safeguarding financial and monetary stability, and fulfilling its mandate with integrity, professionalism, and accountability.