The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on March 24, 2026 urged African financial regulators to strengthen cooperation to manage cross‑border risks, saying regional financial integration is outpacing political coordination and calling for shared prudential principles tailored to Africa’s realities so regulators can respond jointly to emerging vulnerabilities.
He highlighted Nigeria’s 2024 Banking Sector Recapitalisation Programme as an example of proactive reform that strengthened bank resilience, attracted ₦4.61 trillion in new capital — about 27% from foreign investors — and helped Nigerian banks expand across African markets despite domestic economic shocks.
Cardoso also reaffirmed the CBN’s uncompromising stance on corporate governance, saying the bank has ended years of regulatory forbearance and imposed measures including restrictions on banking services to chronic defaulters to reinforce repayment culture, protect depositors and safeguard financial stability.
On policy, he reiterated that the CBN remains anchored in orthodox monetary policy aimed at restoring price stability, strengthening policy credibility and anchoring expectations through discipline and consistency.
Addressing the role of innovation, the governor outlined a deliberate strategy to engage and regulate fintechs, noting the CBN’s Fintech Policy Report and related structural reforms are designed to balance innovation with stability and build supervisory capacity for a rapidly evolving digital financial ecosystem.
Cardoso urged that the IMF/AFRITAC West 2 High‑Level Executive Forum continue to serve as a platform for collective learning and regional coordination so regulators can analyse shared challenges — including risks from digital finance, artificial intelligence and climate change — and develop cohesive African responses to protect financial stability.
