The Central Bank of Nigeria has been named Central Bank of the Year by Central Banking magazine, recognising sweeping reforms that restored macroeconomic firmness and boosted investor confidence in Nigeria.
The award highlights the “return to policy orthodoxy” under Olayemi Cardoso, whose leadership has been central to firm the economy after years of uncertainty. Before the reforms, Nigeria faced surging inflation, a weakened naira, depleted foreign exce reserves and low investor confidence, worsened by multiple exce rate windows and a $7 billion FX backlog.
Since taking office in October 2023, Cardoso and his team overhauled the FX market, introducing a willing buyer willing seller framework and an electronic FX matching system. These steps reduced the gap between official and parallel market exce rates from over 60 per cent to less than two per cent, cleared FX backlogs and improved market liquidity.
The CBN also tightened monetary policy to fight inflation, which peaked above 34 per cent in 2024, and gradually eased rates as inflation fell to about 15 per cent by early 2026. External reserves rebounded to $46.7 billion by late 2025, providing over ten months of import cover, while institutional reforms strengthened regulatory oversight, improved transparency and ended quasi fiscal interventions.
Other achievements include bank recapitalisation programmes, removal from the Financial Action Task Force grey list, and positive evaluations by global institutions like the International Monetary Fund.
While challenges remain, including sustaining disinflation and completing banking sector reforms, the award underscores the CBN’s commitment to firm and its role in laying the foundation for sustainable economic growth in Nigeria.
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