The Central Bank of Nigeria, in 2025, plans to build on the progress it has made in reforming the foreign exchange market, remittances, diaspora participation, and other areas.

This was made known by the apex bank's governor, Olayemi Cardoso, on Thursday, January 16, in a statement uploaded on his X handle.

Recall that the Electronic Foreign Exchange Matching System, was introduced in 2024, as part of the CBN's attempt to stabilize the naira.

This has helped increased market transparency, and has encouraged diaspora remittances through formal channels,

Cardoso wrote: “By engaging transparently with stakeholders – from local communities to international partners – we bolstered Nigeria’s credibility at the global level while addressing our nation’s unique challenges.

"These efforts included decisive action: clearing the verified FX commitments, which amounted to $7bn, discontinuing the Central Bank’s quasi-fiscal interventions, unifying the multiple exchange rate windows, etc.

“Furthermore, we introduced innovative policies and reforms across a range of areas: from the FX market and remittances to financial inclusion, diaspora engagement, compliance, private sector growth, and more.

“We also prioritized increasing investor confidence, enhancing the efficiency of our financial markets, and driving innovation across sectors. As a result of these policies and reforms, foreign capital imported into the country rose by over $6bn in 2024, and Nigeria’s external reserves have risen to over $40bn, reflecting the growing confidence in our economy.

“This year, the CBN will build on this momentum, implementing sound monetary policies to safeguard our economic future, strengthening regulatory frameworks to inspire stability and confidence, and advancing initiatives that drive prosperity for all."