The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has assured lawmakers that Nigeria’s economy has become increasingly resilient to external shocks, saying recent monetary reforms have strengthened the country’s ability to withstand global economic turbulence.
Cardoso gave the assurance during an interactive session with the Senate Committee on Banking, Insurance and Other Financial Institutions, where he presented an assessment of the economic outlook amid persistent global uncertainties, including geopolitical tensions in the Middle East and volatility in international financial markets.
The CBN governor said that despite mounting external pressures, Nigeria’s economy had continued to record positive performance across key sectors, reflecting the growing impact of ongoing macroeconomic and financial sector reforms.
According to him, the country’s economic fundamentals have strengthened considerably, with increased activity in productive sectors helping to ease inflationary pressures and improve stability in the foreign exchange market.
Cardoso attributed the progress to a series of reforms implemented by the apex bank to restore confidence in the financial system, enhance market transparency and promote macroeconomic stability.
He also assured senators that the banking sector remained sound, adequately capitalised and resilient, stressing that the CBN continued to maintain strong regulatory oversight to protect depositors’ funds and safeguard financial system stability.
The governor further highlighted what he described as a significant improvement in diaspora remittances through official channels.
He disclosed that monthly remittance inflows had risen from approximately $200 million to more than $600 million, representing a threefold increase within a relatively short period.
According to Cardoso, the growth reflected renewed confidence among Nigerians in the diaspora in the official foreign exchange market following reforms introduced by the apex bank.
He said the CBN was targeting $1 billion in monthly diaspora remittances, noting that achieving the target would help strengthen the country’s foreign exchange reserves, support exchange rate stability and stimulate economic growth.
Beyond boosting remittance inflows, Cardoso said the apex bank remained focused on achieving monetary and price stability while creating an enabling environment for sustainable economic expansion.
Meanwhile, the Senate has advanced a bill seeking to bring billions of naira in foreign aid and donor-funded interventions under stricter government oversight.
The move was driven by concerns over accountability gaps, financial transparency and potential national security risks associated with funding channelled through Non-Governmental Organisations (NGOs) and other entities.
The proposed legislation, sponsored by Senator Ibrahim Hassan Dankwambo, representing Gombe North, passed its second reading after lawmakers argued that foreign grants, humanitarian assistance and donor-funded projects had operated for years under a fragmented system that made effective monitoring difficult.
Leading the debate, Dankwambo said Nigeria remained one of Africa’s major recipients of grants, technical assistance, humanitarian support and concessional financing from bilateral and multilateral development partners.
However, he argued that the country lacked a comprehensive legal framework for coordinating and tracking such inflows.
He warned that donor-funded projects were spread across ministries, departments and agencies, while some interventions were implemented outside the national budget process, leading to duplication, weak coordination and accountability concerns.
The bill seeks to ensure that foreign assistance received by Nigeria is brought under constitutional oversight and integrated into the country’s fiscal and development planning framework.
If passed, the proposed legislation would establish a National Donor Coordination Framework, require the registration of donor-funded projects, create a national database of foreign assistance and integrate donor interventions into government budgets.
It would also mandate public disclosure of funding and implementation details while prescribing sanctions for the diversion, misuse or non-registration of foreign aid.
The bill received broad support from lawmakers, with several senators expressing concern over the limited visibility into donor funds channelled through NGOs and state governments.
The Senate Chief Whip, Tahir Monguno, described the proposed legislation as timely and necessary, arguing that donor agencies currently determine the disbursement of foreign assistance with limited domestic coordination.
The Deputy Senate President, Barau Jibrin, noted that while foreign assistance received directly by the Federal Government was often reflected in the national budget, substantial funds channelled through NGOs and sub-national governments remained largely outside public scrutiny.
