Finance Minister Wale Edun and Central Bank Governor Olayemi Cardoso assured foreign investors on Wednesday that Nigeria’s economic reforms are gradually restoring market confidence.
Speaking at an investment forum, they highlighted the federal government's efforts to stabilize the economy and create a favorable business environment.
Additionally, Cardoso announced that the Nigerian Inter-Bank Settlement System (NIBSS) would launch a Bank Verification Number (BVN) platform in December, specifically for Nigerians in the diaspora, to enhance financial inclusion and services abroad.
Besides, International Monetary Fund (IMF) advised Nigeria and other African countries to work towards making their tax systems more efficient, equitable, and progressive.
Cardoso and Edun spoke during an interactive session with groups of foreign investors at the ongoing IMF/World Bank Annual Meetings holding in Washington DC.
The CBN governor told his audience, who were mostly asset managers, investment bankers and investors from JP Morgan, Standard Chartered, among other global financial institutions, “Confidence has returned to the market and there is also confidence by Nigerians in their currency.
“Clearly, a situation where interest rate has gone up, we expect that there would be more interest in local currency instruments.