The Central Bank of Nigeria (CBN) has acknowledged significant improvements in the country's economic indicators but emphasized that more work is required before ordinary citizens feel tangible relief.
CBN's Assessment of Economic Reforms
Speaking through the bank's Director of Corporate Communications, Hakama Sidi Ali, CBN Deputy Governor for Corporate Services Emem Usoro delivered a keynote address at the Seminar for Finance Correspondents and Business Editors in Lagos on Thursday, November 24, 2025.
The event, themed "Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System," focused on how coordinated policy actions can support economic stability.
Usoro recalled that when Governor Olayemi Cardoso and his management team assumed office two years ago, Nigeria faced numerous economic challenges including high inflation, foreign exchange scarcity, unstable exchange rates, low reserves, weak oil receipts, and heavy reliance on ways and means financing.
Measurable Economic Improvements
The CBN deputy governor highlighted that the bank's "well sequenced and compliance driven measures" have yielded positive results. These measures included tighter monetary policy, stronger corporate governance, and an ongoing bank recapitalization exercise.
According to Usoro, these reforms have delivered measurable improvements:
- Inflation has moderated to 16.05%
- The naira has stabilized below ₦1500 to the US dollar with reduced volatility
- External reserves have climbed above $46 billion, providing more than 10 months of import cover
- Lending conditions have begun to ease as price pressures reduce
"These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team," Usoro stated.
The Need for Continued Efforts
Despite these gains, Usoro acknowledged that progress hasn't yet translated into improved living standards for most Nigerians. She stressed that stronger collaboration among fiscal and monetary authorities, regulators, and the media is needed to sustain reforms and deliver better economic outcomes.
"While progress has been made, more work is needed to improve macroeconomic fundamentals and the standard of living for Nigerians," she emphasized.
The deputy governor noted that aligning fiscal and monetary policies would strengthen regulation and support financial system resilience, particularly as digital finance and new technologies continue to reshape the industry.
The CBN's message comes amid ongoing economic challenges facing the country, with the central bank urging continued patience and cooperation from all stakeholders to build on the current momentum.
