The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has reaffirmed the Bank’s commitment to orthodox monetary policy, transparency, and evidence-based decision-making. Speaking at the opening of the Monetary Policy Committee workshop in Abuja on Thursday, May 21, 2026, he said the ongoing reforms are critical to restoring confidence in the economy and strengthening macroeconomic stability.
The workshop is themed “Strengthening Monetary Policy Effectiveness Towards Sustainable Macroeconomic Stability.”
Cardoso noted that when his administration began, the CBN faced weakened institutional autonomy, reduced policy credibility, and heavy reliance on unorthodox tools that blurred fiscal and monetary responsibilities. He said these issues contributed to high inflation, exchange-rate volatility, and low investor confidence. However, he stated that reforms under the current leadership have started to reverse the trend, with inflation beginning to moderate and exchange-rate stability improving.
The Governor explained that the CBN has returned to conventional monetary tools, using the policy rate as the main signalling instrument. He added that better liquidity management, forward guidance, and clearer communication have boosted transparency and helped anchor public and investor expectations.

 

 

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