CBN Reaffirms Commitment to Price Stability, Banking Sector Growth at Senate Briefing
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the Bank’s commitment to restoring price stability, strengthening the financial system and sustaining economic reforms aimed at achieving single-digit inflation over the medium term.
Cardoso gave the assurance on Wednesday, July 22, 2026, while presenting the CBN’s First Half (H1) 2026 Statutory Briefing to the Senate Committee on Banking, Insurance and Other Financial Institutions.
During the briefing, the CBN Governor highlighted major achievements recorded in the first half of the year, including continued moderation in inflation, improved stability in the foreign exchange market, growth in external reserves, enhanced resilience of the banking sector and significant reforms in financial market infrastructure.
He identified the successful completion of the Banking Sector Recapitalisation Programme as one of the Bank’s major milestones, noting that it has strengthened the resilience, capacity and competitiveness of Nigeria’s banking industry.
Looking ahead to the second half of 2026, Cardoso outlined the Bank’s strategic priorities, including strengthened post-recapitalisation supervision, deeper reforms in the foreign exchange market, effective implementation of its inflation-targeting framework, execution of the Payments System Vision 2028, enhanced cybersecurity measures and sustained efforts to safeguard financial system stability.
The Governor expressed optimism about Nigeria’s economic outlook, assuring lawmakers that the CBN would continue to implement evidence-based monetary policies in line with its statutory mandate and in the long-term interest of the Nigerian economy.
He stressed that the Bank remains focused on promoting macroeconomic stability, boosting investor confidence and supporting sustainable economic growth through prudent monetary and financial sector reforms.
In his remarks, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, commended the Central Bank for its efforts in stabilising the foreign exchange market, improving liquidity and reducing market distortions.
He noted that the Committee would continue to support initiatives that strengthen Nigeria’s financial system and promote sustainable economic development.
CBN Reaffirms Commitment to Price Stability, Banking Sector Growth at Senate Briefing