The Central Bank of Nigeria (CBN) has reiterated its unwavering commitment to ensuring a steady supply of clean currency notes in appropriate denominations to bolster the nation's economy. During the 37th Enugu International Trade Fair, the Bank renewed its appeal to Nigerians, urging them to view the naira as a critical symbol of national identity that should not be hawked, mutilated, counterfeited, or sprayed, but rather kept clean and respected.
Monetary Policy Reforms and Economic Achievements
Mrs. Sidi Ali Hakama, the Acting Director of Corporate Communications and Investor Relations at CBN, emphasized the Bank's dedication to maintaining economic stability, advancing structural reforms, and enhancing collaboration with key stakeholders. She outlined that the CBN is shifting towards a more transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability. This policy aims to shape market expectations and mitigate the disruptive effects of supply-side shocks.
Hakama highlighted that these reforms, grounded in orthodox monetary policy, institutional transparency, and market-driven foreign exchange frameworks, have earned the CBN the prestigious 'Central Bank of the Year 2026 Award' from the Central Banking Awards Committee in London. She noted that the award celebrates excellence among central banks globally and reflects the success of Nigeria's monetary strategies.
Key Economic Indicators and Progress
The CBN's efforts have yielded significant results, including a reduction in headline inflation from a peak of 34.8% in late 2024 to 15.06% by the end of February 2026. Additionally, there has been an almost 200 percent increase in capital and investment inflows between 2023 and 2025, and external reserves have surged from less than $10 billion to $50.45 billion. The Bank remains focused on achieving single-digit inflation in the near term.
Strategic Priorities for 2026
Looking ahead, Hakama outlined the CBN's strategic priorities for 2026, which include:
- Strengthening the banking system to ensure resilience and reliability.
- Ensuring durable price stability through consistent monetary policies.
- Modernizing payments and promoting financial inclusion to enhance accessibility.
- Fostering responsible fintech innovation to drive economic growth.
- Enhancing institutional capacity and operational efficiency for better service delivery.
- Deepening partnerships with stakeholders to support sustainable development.
She added that the theme of this year's Trade Fair aligns with the CBN's reform agenda, recognizing Micro, Small and Medium Enterprises (MSMEs) as the engine of growth for the economy. The reforms address critical issues such as unemployment, capacity building, access to finance, and economic resilience, while improving transparency and liquidity in the foreign exchange market.
Stakeholder Feedback and Recommendations
In his speech, Nnanyelugo Onyemelukwe, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), commended the CBN for using Trade Fair platforms to disseminate information and create awareness about its operations. He praised the Bank's policy measures for rebuilding business confidence and ensuring stability in the financial sector.
However, Onyemelukwe expressed concerns about the potential counterproductive effects of the CBN's aggressive monetary tightening policies, which include maintaining a 27.0% policy rate (MPR) and a 45% cash reserve requirement for banks. While he acknowledged the recent reduction of the interest rate from 27.00% to 26.50%, he stressed that rates remain high and should be lowered to a single-digit level to improve accessibility to bank credit for businesses.
He emphasized the need for the CBN to manage inflationary pressure and liquidity aggressively, noting that access to credit and cost of funds directly impact productivity, GDP, and economic stability. Onyemelukwe also called for policy measures to protect the indigenous sector from further challenges, while recognizing the CBN's various intervention schemes to support business growth across sectors.
