Economic Reforms Have Driven Nigeria Into New Stability Phase – Cardoso
Mr Olayemi Cardosso, Governor, Central Bank of Nigeria (CBN), says Nigeria has entered “a new phase of macroeconomic stability” after two years of difficult reforms.
Cardoso stated this in Lagos on Friday while delivering the keynote at the Chartered Institute of Bankers of Nigeria’s 60th Annual Bankers’ Dinner.
He said the reforms had restored investor confidence, strengthened the Naira, and placed the economy on a firmer path to sustainable growth.
According to him, Nigeria’s turnaround reflects “disciplined choices and a commitment to transparency, data-driven policies and institutional rebuilding”.
He said the economy, once close to collapse in late 2024, had recorded progress in inflation control, exchange-rate stability, capital inflows and banking resilience.
Cardoso said inflation had fallen for seven straight months, adding that this reflected a sustained and credible policy direction.
He said inflation declined from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, the lowest in years.
He noted food inflation had also dropped sharply to 13.12 per cent in October, down from 21.87 per cent in August.
According to him, the decline is restoring real purchasing power for households and businesses across the country.
He said the return to orthodox monetary policy and the end of deficit financing strengthened credibility and anchored inflation expectations.
Cardoso added that further disinflation was expected in 2026 as production rises and FX liquidity improves.
He highlighted 2024 reforms that enabled the CBN to clear over US$7 billion in FX backlogs that once weakened market confidence.
He said the Foreign Exchange Code and the EFEMS platform had removed opacity, improved transparency and restored discipline to FX trading.
“The Naira now trades within a narrow, stable range,” he said, noting the gap with the parallel market had fallen to less than 2 per cent.
He explained that interventions were rebuilding reserves “organically,” supported by rising non-oil exports and stronger capital inflows.
Cardoso said Nigeria’s economic foundations were now stronger following FX unification, EFEMS deployment and modernised supervision.
He said the progress achieved reflected partnership, discipline and “the courage to pursue necessary reforms.
“The Central Bank will remain disciplined, forward-looking and committed to ensuring stability and inclusive, sustainable growth.”
He highlighted advances in the digital sector but stressed that innovation would remain under firm regulatory oversight.
Cardoso said Nigeria’s removal from the FATF grey list was a major 2025 achievement, noting it would ease banking frictions and boost integration.
He said grey-listed countries typically lose up to 7.6 per cent of GDP in capital inflows.
Looking to 2026, he outlined priorities including stronger banking stability, full inflation-targeting and a modernised payments ecosystem.
Other goals include boosting responsible fintech innovation, strengthening institutional capacity and deepening global regulatory partnerships. “Nigeria is more resilient today than at any time in recent history,” he said.#Economic Reforms Have Driven Nigeria Into New Stability Phase – Cardoso#
