Credibility is most valuable currency, says Cardoso
…CBN governor tasks next generation on integrity, innovation, inclusion
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called on the next generation of Nigerian leaders to embrace credibility as their most valuable asset, emphasising that integrity, transparency, and trust are essential not only in central banking but in leadership at all levels.
Speaking at the maiden edition of the CBN Governor’s Lecture Series hosted by the Lagos Business School (LBS) on Friday, Cardoso delivered a thought-provoking address titled “Leadership Principles for the Next Generation Leadership in Monetary Policy and Nation Building, where he laid out a vision for a new cadre of leaders rooted in discipline, innovation, and inclusion.
“In central banking, as in life, credibility is the most valuable currency,” Cardoso declared. “Tomorrow’s leaders must be transparent, data-driven, and grounded in evidence. That’s why the CBN is investing in deep research partnerships and improved policy communication.”
Highlighting the digital transformation sweeping across financial systems globally, the governor stressed the inevitability of a digital future for Nigeria. He pointed to the CBN’s regulatory sandbox and its evolving digital payments framework as tools being deployed to position Nigeria for that future. “Payments, credit, savings, and investment are being redefined by fintech and digital platforms,” he said. “The future is digital, and we are preparing for it.”
Cardoso reiterated the central role of leadership in nation-building, asserting that price stability, while essential, must be complemented by broader economic inclusion and diversification. “We must build a stable macroeconomic environment that fosters productivity and opportunity,” he stated.
The launch of the CBN Governor’s Lecture Series itself, he explained, is a step towards deepening thought leadership through open dialogue. “We initiated this lecture series to build a community of inquiry, co-create ideas, and pass knowledge across generations,” Cardoso noted.
He emphasised that monetary policy goes beyond technical metrics like interest rates or inflation targets. Rather, it is a tool to build trust, ensure economic stability, and inspire the collective confidence of citizens and investors alike. “Our aim is to build strong institutions, resilient economies, and sustained prosperity, all anchored in credible leadership that can set vision, make hard decisions, and regulate with integrity,” he said.
Read also: Leaders of tomorrow must embrace transparency, evidence, data-driven decision-making — Cardoso
Addressing the young audience directly, Cardoso acknowledged their creativity, connectivity, and potential to lead transformative change. “You are the most mobile, most connected, and most creative generation the world has ever seen,” he said. “Perseverance, though it may sound cliché, is your greatest ally. Stay the course. Lean into the challenges with creativity and courage. Disruption often creates the conditions for the greatest breakthroughs.”
According to him, stability is not an end in itself, but the foundation for inclusive growth and national renewal. He underscored three core values he believes should define the next generation of leadership: credibility, innovation, and inclusion.
“What Nigeria needs is leadership that is data-driven yet people-centered, courageous yet humble, visionary yet accountable leadership determined to build not just for today, but for generations unborn,” he urged.
During a fireside chat at the event, Cardoso shared key reforms already carried out by the apex bank, including the adoption of a B-matching electronic system in the foreign exchange market to improve transparency. “Everyone sees the same rates now. It’s brought us closer to a perfect market,” he said. He also revealed the CBN’s push toward becoming a fully paperless institution by digitising approvals and internal processes, part of a broader commitment to modernisation.
He emphasised that macroeconomic stability remains the bedrock of national development. “Without stability, everything else including job creation, entrepreneurship, investment, falls apart. We’ve achieved stability, and we will defend it fiercely,” he said. According to Cardoso, increased investor confidence is already beginning to reflect in key growth indicators, including Nigeria’s recent quarterly GDP numbers.
In her welcome remarks, Olayinka David-West, Dean of Lagos Business School, described the inaugural lecture as a pivotal moment for collaboration between academia, public institutions, and the private sector. “This stage has long served as a platform to inform, educate, and engage,” she said. “Today, we are proud to host Governor Olayemi Cardoso as we inaugurate the CBN Governor’s Lecture Series, a bold step toward fostering accountability, transparency, and deeper public understanding of monetary policy.”
David-West highlighted the alignment between the lecture series and LBS’s mission to develop responsible leaders and contribute to Africa’s economic transformation through thought leadership.
The lecture series forms part of Governor Cardoso’s broader strategy to promote knowledge acceleration and public engagement around Nigeria’s financial systems and economic direction. It also reinforces the CBN’s ongoing commitment to the principles of accountability, compliance, and transparency, values that Cardoso and his team pledged to uphold during their confirmation by the Nigerian Senate two years ago.
In closing, Cardoso reminded the audience that Nigeria’s economic story is still unfolding and that the pen, or rather the digital device, is now in the hands of the next generation.
