On May 30, 2025, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), was honored as Central Bank Governor of the Year at the 2025 African Banker Awards in Abidjan, Côte d’Ivoire, held on May 28, 2025. Conferred by African Banker magazine, the award recognizes Cardoso’s “bold and strategic” leadership in implementing monetary and regulatory reforms that have stabilized Nigeria’s financial system. At the current exchange rate of N1,579/$1 as of May 30, 2025, these reforms have significantly bolstered investor confidence, contributing to economic resilience.
The CBN, under Cardoso’s leadership since September 2023, was commended for stabilizing the naira, enhancing transparency in the foreign exchange market, and restoring policy credibility. Key measures include unifying exchange rates, clearing a $7 billion forex backlog, and introducing the Nigerian Foreign Exchange Code in January 2025 to ensure ethical conduct. The Awards Committee noted that these efforts have addressed market imbalances, laying the groundwork for sustainable growth. Dr. Nkiru Balonwu, Adviser to the Governor, accepted the award on Cardoso’s behalf, joined by CBN directors Dr. Victor Oboh, Dr. Olubukola Akinwumi, and Dr. Aloysius Uche Ordu.
Now in its 19th year, the African Banker Awards, organized with the African Development Bank Group, celebrate excellence in African finance, drawing senior officials and bankers continent-wide. Posts on X, such as from @NigeriaStories and @_ScoopNation, reflect widespread praise for Cardoso’s reforms, including a 735% oversubscribed N2.21 trillion Sukuk and a N187 billion NGX gain. Cardoso’s prior roles, including Chairman of Citibank Nigeria and Lagos State Commissioner, underscore his expertise driving Nigeria’s economic recovery.
