CBN Reaffirms Commitment to Economic Stability, Market Reforms, Strong Financial System
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the Bank’s commitment to sustaining macroeconomic stability through coordinated, transparent and data-driven monetary policy measures aimed at strengthening Nigeria’s economy.
Speaking on recent developments in the economy, Governor Cardoso said the Monetary Policy Committee (MPC) remains focused on addressing inflationary pressures, maintaining financial system stability and supporting sustainable economic growth despite global uncertainties and renewed geopolitical tensions.
The MPC noted that the Nigerian economy remains on a resilient growth path, with growth projections for 2026 expected to remain positive, driven by improved crude oil production, stronger business activities as reflected in Purchasing Managers’ Index (PMI) trends, and the impact of ongoing economic reforms.
Governor Cardoso stressed that the CBN will continue to deploy appropriate policy tools to moderate inflation and work towards restoring price stability over the medium term.
On the banking sector, the CBN Governor welcomed the successful completion of the bank recapitalisation exercise, describing it as a major step towards enhancing the resilience and capacity of Nigerian banks.
He assured Nigerians that the banking sector remains safe, sound and resilient, adding that recent supervisory actions involving 46 Microfinance Banks were necessary measures to address regulatory and compliance issues that had persisted over time.
According to him, protecting depositors’ funds remains the CBN’s highest priority, while ensuring that financial institutions operate within established regulatory frameworks.
Speaking on the foreign exchange market, Cardoso reaffirmed the Bank’s commitment to maintaining a transparent, liquid and market-driven exchange rate system based on the principles of willing buyer, willing seller.
He noted that exchange rate movements will continue to reflect market realities, while ongoing reforms are designed to improve confidence, enhance competitiveness and promote long-term economic stability.
The Governor also highlighted the introduction of the Nigeria Overnight Financing Rate (NOFR) as a significant milestone in improving transparency within the financial market.
He explained that NOFR, which reflects actual overnight secured funding transactions among banks, will complement the Monetary Policy Rate (MPR), strengthen monetary policy transmission and support Nigeria’s inflation management framework.
On the payments ecosystem, Governor Cardoso clarified that the commemorative ₦100 note, the existing ₦100 note and all approved naira denominations remain legal tender.
He added that Nigeria’s payment landscape is increasingly moving towards digital solutions, with the CBN committed to developing a secure, inclusive and modern payment system that aligns with international standards.
Reacting to the CBN’s recognition as the 2026 Central Banking Award winner, Governor Cardoso described the honour as a reflection of the dedication, professionalism and collective efforts of the Bank’s management and staff.
He commended the Nigerian media for its continued support and acknowledged the responsibility that comes with central banking, noting that policy decisions directly impact millions of Nigerians.
The Governor stated that Nigeria’s economic reforms are gaining international recognition because they are strengthening stability, improving investor confidence and creating a stronger foundation for sustainable economic growth.
He reaffirmed that the CBN will continue to pursue policies that promote a stable economy, a resilient financial system and improved economic opportunities for Nigerians.
CBN Reaffirms Commitment to Economic Stability, Market Reforms, Strong Financial System