By Chibuike Nwabuko
ABUJA (PRECISE POST) – Nigeria’s economic reform efforts gained fresh momentum in March as the Central Bank of Nigeria (CBN) consolidated key domestic policies and deepened engagement with global partners, culminating in the successful conclusion of the banking sector recapitalisation programme.
Cardeso, who released this on his X account on Thursday, said the development marks a significant milestone in efforts to stabilise the financial system and build on reforms implemented over the past two years.
As part of ongoing policy coordination, the CBN Governor held a high-level meeting with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to assess progress and ensure closer alignment between fiscal and monetary policies. The move is seen as critical to delivering consistent policy direction and improving economic outcomes.
In a further boost to the country’s financial position, the apex bank also strengthened Nigeria’s external reserves through the acquisition of monetary-grade gold under the National Gold Purchase Programme.
The CBN confirmed that the gold, sourced responsibly within the country, was purchased in naira while benchmarked against international prices. The strategy is aimed at diversifying Nigeria’s reserve assets, reducing pressure on foreign exchange, and aligning with global best practices in reserve management amid rising economic uncertainties.
Senior officials present at the development included Deputy Governor (Economic Policy), Muhammad Sani Abdullahi; Executive Secretary of the Solid Minerals Development Fund, Fatima Shinkafi; and Director of the CBN’s Reserve Management Department, Mujtaba Muhammed Farouk.
Analysts say the twin moves, bank recapitalisation and reserve diversification, signal a more coordinated and forward-looking approach by monetary authorities as Nigeria navigates a complex global economic landscape.
