The Central Bank of Nigeria (CBN) has reiterated that its agenda is being driven by the need to restore confidence, strengthen resilience, and lay a foundation for sustainable growth.
The Governor of the Bank, Olayemi Cardoso, while spotlighting the sweeping reforms that have reinforced Nigeria’s financial stability and credibility, noted that the tough measures introduced by the apex bank in recent years were aimed at addressing elevated inflation.
Cardoso said that the CBN had implemented major reforms in the foreign exchange market and invested in digital and financial infrastructure to support long-term development.
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Nigeria’s removal from the Financial Action Task Force (FATF) grey list and the successful completion of the banking sector recapitalisation exercise were cited as key milestones.
Cardoso said that these accomplishments reflected the collaborative efforts of multiple institutions and stakeholders, noting also that the reforms were carried out amid significant global and domestic economic pressures.
He credited the Federal Government, market participants, development partners, and the Nigerian people for their resilience and support.
The Governor’s remarks came as he formally received the Central Bank of the Year Award at the Central Banking Awards in London.
Cardoso dedicated the honour to the Board, management, and staff of the Bank, stressing that the recognition was not a personal achievement but a testament to the collective efforts of professionals whose integrity and expertise have strengthened the institution.
“Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good,” he said.
Challenges
Reflecting on the challenges faced by central banks worldwide, Cardoso acknowledged that Nigeria had endured its own share of economic pressures and policy tests.
He said the award should be seen as encouragement to continue reforms central to Nigeria’s economic recovery and long-term growth.
“We receive this recognition with humility. We see it not as a destination, but as encouragement to continue the important work ahead,” the CBN Governor stated
While acknowledging that significant work remains, Cardoso expressed optimism about renewed confidence in Nigeria’s economy.
He reaffirmed the CBN’s commitment to preserving public trust, safeguarding financial and monetary stability, and fulfilling its mandate with integrity, professionalism, and accountability.
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