For the first time, a Harvard Africa Trek delegation has visited the Central Bank of Nigeria (CBN). The delegation comprised 50 students from 19 countries, including representatives from Harvard Business School, the Massachusetts Institute of Technology (MIT), and Stanford University.
In a statement released by the CBN on Tuesday, Governor Olayemi Cardoso, an alumnus of Harvard Kennedy School (HKS) and the first African elected to the global HKS Alumni Board of Directors, reaffirmed the Bank’s commitment to policy-driven solutions and strengthening trust in Nigeria’s financial system.
“As we reset the Bank, we are committed to being a hub for thought leadership. The exposure you gain from institutions like Harvard is invaluable, and we see this as an opportunity to build long-term alliances,” Cardoso stated.
Signs of Economic Stability
While addressing Nigeria’s macroeconomic outlook, Cardoso acknowledged existing challenges but pointed to key indicators suggesting improvement.
He highlighted that the foreign exchange market is beginning to stabilize and that inflationary pressures are gradually easing.
“Addressing Nigeria’s economic landscape, Mr. Cardoso acknowledged recent challenges but highlighted progress in stabilizing the foreign exchange market and curbing inflation,” the statement read.
He also noted increased interest from international financial institutions as a positive sign. Recent visits from senior executives at JP Morgan, Citi Bank, and the International Monetary Fund (IMF), he said, reaffirm investors’ confidence in Nigeria’s economic trajectory.
“These are individuals who base their decisions on data and trends, not sentiment. Their interest reaffirms that we are on the right path,” he added.
Engagement with Future Policymakers
The President of the Harvard Kennedy School Alumni Association of Nigeria, Adaora Ndukwe, and the HKS Nigeria Trek Delegation Lead, Sheffy Kolade, commended the CBN for hosting the students and engaging with future policymakers.
The Africa Trek serves as a platform for emerging global leaders to engage directly with key African policymakers. Discussions focus on governance, innovation, economic development, and the strategic role of central banks in national growth.
Economic Update
Meanwhile, the Nigerian naira appreciated by 0.37% in the official foreign exchange market, settling at N1,531.2/$1 at the close of the first trading session of the week, compared to N1,537/$1 last Friday. However, market volatility remains high, with the naira fluctuating between N1,480/$ and N1,600/$ in recent weeks.
Additionally, Nigeria’s inflation rate declined to 23.18% in February 2025, down from 24.1% in January 2025, according to the latest Consumer Price Index and Inflation report from the National Bureau of Statistics (NBS). This marks a 1.30% decrease in the headline inflation rate.
The NBS recently overhauled its consumer price index for the first time in 16 years, changing the reference year to 2024 to better reflect the inflationary pressures facing Nigerian households.
