The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Tuesday declared that Nigeria’s economy has become increasingly resilient to external shocks, assuring lawmakers that recent monetary reforms have strengthened the country’s capacity 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 nation’s economic outlook amid persistent global uncertainties, including geopolitical tensions in the Middle East and volatility in international financial markets.

The CBN Governor told the committee that despite mounting external pressures, Nigeria’s economy has continued to record positive performance across critical sectors, reflecting what he described as the growing impact of ongoing macroeconomic and financial sector reforms.

According to him, the country’s economic fundamentals have strengthened considerably, with expanding activities in key productive sectors, easing inflationary pressures and improved stability in the foreign exchange market.

Cardoso attributed the gains to a series of policy reforms implemented by the apex bank to restore confidence in the financial system, deepen market transparency and improve macroeconomic stability.

He assured senators that the banking sector remains sound, adequately capitalised and resilient, stressing that the CBN continues to maintain robust regulatory oversight to safeguard depositors’ funds and preserve financial system stability.

The CBN Governor also highlighted a significant improvement in diaspora remittances through official channels, describing it as one of the major successes of the bank’s reform agenda.

He disclosed that monthly remittance inflows have surged from about $200 million to more than $600 million, representing a threefold increase within a relatively short period.

According to Cardoso, the increase reflects renewed confidence among Nigerians in the diaspora in the country’s official foreign exchange market following reforms introduced by the apex bank.

He said the Central Bank is now targeting $1 billion in monthly diaspora remittances, a development he noted would further strengthen Nigeria’s foreign exchange reserves, support exchange rate stability and boost economic growth.

Beyond improving remittance inflows, Cardoso said the CBN remains focused on achieving monetary and price stability while creating an enabling environment for sustainable economic expansion.

He reaffirmed the bank’s commitment to deploying evidence-based monetary policies capable of sustaining investor confidence, protecting the value of the naira and supporting long-term economic development.

Earlier, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, commended the Central Bank for the progress recorded in tackling inflationary pressures and restoring greater stability to the foreign exchange market.

The committee assured the apex bank of the National Assembly’s continued legislative support for policies aimed at strengthening Nigeria’s financial system, promoting macroeconomic stability and accelerating sustainable economic growth.