Nigeria is positioning itself for a more stable and investor-friendly financial future as the Central Bank signals the rollout of a new national payment system while highlighting improvements across the economy.

 

Central Bank Governor Olayemi Cardoso made this known in London during the Africa Capital Forum, held alongside President Bola Ahmed Tinubu’s state visit to the United Kingdom. Speaking to investors and development partners, he said Nigeria’s economy is now better equipped to withstand global shocks due to ongoing reforms and tighter monetary discipline.

 

At the centre of the announcement is a new Payments System Vision, which the apex bank has completed and is set to launch soon. The initiative is expected to strengthen Nigeria’s position in digital payments and enable smoother cross-border transactions across Africa. For businesses, especially MSMEs, this could mean faster payments, reduced transaction costs, and easier access to regional markets.

 

Cardoso explained that the bank is working to create a more predictable policy environment by reviewing its frameworks to ensure clarity and consistency. The move is aimed at reducing uncertainty for investors and allowing businesses to plan with greater confidence.

There are also signs of improvement in the foreign exchange market. According to the governor, increased transparency and liquidity have made it easier for businesses to access foreign currency. A revised foreign exchange manual has removed several restrictions that previously limited operations, a change that could ease pressure on import-dependent small businesses.

On the banking sector, Cardoso revealed that over 30 banks have already met the new capital requirements under the ongoing recapitalisation programme, with verification still in progress for others. Notably, about 28 percent of the funds raised came from foreign investors, reflecting renewed confidence in Nigeria’s financial system.

Diaspora remittances are also playing a key role in strengthening the country’s external reserves. The increase in inflows is helping to stabilise the naira and improve Nigeria’s ability to manage global economic pressures.

 

Looking ahead, the Central Bank says it will continue working with fintech companies to remove regulatory bottlenecks and support innovation in digital finance. This collaboration is expected to expand financial inclusion and unlock new opportunities for entrepreneurs across Nigeria and the wider African market.

The broader message from the apex bank is clear: maintaining stability remains a top priority, with reforms designed to create a more resilient economy where businesses and investors can operate with confidence.

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