CBN reforms credited for falling inflation and rising reserves
The Central Bank of Nigeria has reported significant progress in stabilising the economy through its recent reforms. Sidi Hakama, Acting Director of Corporate Communications and Investor Relations, highlighted improvements in inflation, foreign reserves, and investor confidence. The reforms, led by CBN Governor Olayemi Cardoso, include a more transparent foreign exchange regime and a transition to an inflation-targeting framework. The CBN’s efforts have also received international recognition and support from business leaders.
TLDR
- Headline inflation declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026.
- Foreign reserves increased from less than $10 billion to $50.45 billion, and capital inflows rose nearly 200 per cent between 2023 and 2025.
- The ongoing banking sector recapitalisation is progressing, with 32 banks meeting new capital requirements as of March 17 ahead of the March 31, 2026 deadline.
- The CBN received the Central Bank of the Year 2026 Award for its reforms.
- Nnanyelugo Onyemelukwe praised the CBN’s efforts but noted that high interest rates remain a challenge for credit access and productivity.
