The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has called for stronger economic ties with the Middle East. Speaking at a conference in Saudi Arabia, Mr. Cardoso emphasized the importance of learning from Saudi Arabia’s experiences in infrastructural development and tourism.

Mr. Cardoso also reiterated his commitment to collaborating with the Nigerian diaspora community in the Middle East. He believes that this partnership can improve remittance flows and strengthen Nigeria’s financial sector. The Central Bank of Nigeria is dedicated to enhancing macroeconomic fundamentals, creating an environment that facilitates private sector growth and generates high-quality jobs for Nigerians.

During the conference, Mr. Cardoso highlighted Nigeria’s economic reforms, including the adoption of an electronic matching system to improve transparency in the foreign exchange market. He also noted the introduction of a foreign exchange code of ethics, which has been signed by all Nigerian banks. These measures have significantly narrowed the gap between official and parallel market exchange rates, from 60% to approximately 4-5%.

The conference, which was held in Al Ula, Saudi Arabia, brought together policymakers and economic experts from emerging markets. Mr. Cardoso emphasized the importance of tailoring policy decisions to each economy’s unique needs. He also stressed the critical need to expand financial inclusion, leveraging digitalization and financial technology to mitigate potential risks.