The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has been named the Central Bank Governor of the Year at the 2025 African Banker Awards Gala.

The event was held in Abidjan, Côte d’Ivoire.

The award, presented by African Banker magazine, recognises Cardoso’s “bold and strategic” leadership in steering monetary and regulatory reforms that have restored stability and confidence in Nigeria’s financial system, according to event organisers.

In a statement, the Awards Committee praised the Central Bank of Nigeria under Cardoso for implementing key policy measures aimed at stabilising the naira, improving transparency in the foreign exchange market, and re-establishing policy credibility.

The Committee noted that these efforts have laid the groundwork for long-term macroeconomic resilience and renewed investor confidence.

Dr Nkiru Balonwu, Adviser to the Governor on Stakeholder Engagement and Strategic Communication, accepted the award on his behalf.

She was accompanied on stage by the Bank’s Director of the Monetary Policy Department, Dr Victor Oboh, and the Director of the Banking Supervision Department, Dr Olubukola Akinwumi.

They were later joined by a member of the Bank’s Monetary Policy Committee (MPC), Dr Aloysius Uche Ordu.

“The award reflects the Committee’s recognition of Governor Cardoso’s recent achievements and the Central Bank’s critical role in addressing market imbalances and repositioning the Nigerian economy for sustainable growth,” organisers said.

Now in its 19th year, the African Banker Awards are organised by African Banker magazine with the African Development Bank Group as its official patron.

The annual event draws senior figures from government, banking, and development finance institutions across the continent to celebrate excellence in African finance.

Since his appointment in 2023, Cardoso has implemented several reforms to stabilise the forex market and attract foreign investment.

Some key reforms include the unification of exchange rates, which enabled the CBN to scrap multiple exchange rates and allowed a more market-driven system, reducing arbitrage opportunities and improving transparency.

The CBN worked on settling outstanding forex obligations of over $7bn to boost investor confidence and also implemented the reintroduction of a willing-buyer, willing-seller system and interventions in the forex market aimed at stabilising volatility.

He also limited government FX control by reducing artificial controls that distorted exchange rates, allowing the naira to find a more realistic value, as well as implementing policies to attract foreign direct investment (FDI) and portfolio investments, such as higher interest rates and improved ease of repatriation of profits.

The CBN under Cardoso also imposed stricter regulations on forex speculators and Bureau de Change operators to curb market manipulation, raised BDC recapitalisation to about N2bn and also introduced the Nigerian Foreign Exchange (FX) Code in January 2025, aimed at promoting ethical conduct and transparency within the nation’s foreign exchange market.

This FX Code initiative seeks to ensure that authorised dealers uphold the highest standards of professionalism and integrity when conducting FX transactions.

These reforms have been able to restore stability, boost investor confidence, and improve dollar liquidity in Nigeria.