The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, was honoured with the 2026 Central Banking Central Bank of the Year Award during a ceremony held in London on Wednesday, as announced by the apex bank. Mr. Cardoso dedicated the prestigious award to the board, management, and staff of the CBN, acknowledging their unwavering commitment to institutional reforms and the pursuit of economic stability.
Mr. Cardoso emphasised that the award was not a personal achievement but rather a testament to the collective efforts of the CBN, particularly the professionals whose dedication, integrity, and expertise have strengthened the Bank and reinforced confidence in Nigeria’s economy. According to the CBN Governor, the bank’s reform agenda has been guided by a clear objective: restoring confidence, enhancing institutional resilience and policy credibility, and laying a solid foundation for sustainable economic growth.
Leadership and Economic Reforms
Under Mr. Cardoso’s leadership, which began in September 2023, the CBN has implemented several significant economic reforms aimed at stabilising the country’s economy. These include unifying exchange rates across multiple foreign exchange windows and adopting an orthodox monetary policy. The banking industry regulator also oversaw the recapitalisation of Nigerian banks, a process completed in March, which raised ₦4.7 trillion. The CBN stated that this exercise bolstered the capital bases of Nigerian banks, enhancing the financial system’s ability to absorb economic shocks.
Additionally, under his stewardship, Nigeria’s foreign exchange reserves grew to $50.1 billion as of 9 June, marking the highest level since January 2009, when external reserves stood at $50.6 billion.
Recognition and Future Outlook
Speaking further on the award, Mr. Cardoso attributed the gains to the support of the Federal Government, market participants, development partners, and, most importantly, the resilience and confidence of the Nigerian people. He acknowledged that significant work remains ahead but expressed optimism about the progress achieved so far and the renewed confidence in the economy. He reaffirmed the CBN’s commitment to preserving public confidence, safeguarding financial and monetary stability, and fulfilling its mandate with integrity, professionalism, and accountability.
