By: Nana
Appiah Acquaye
The Central Bank of Nigeria
(CBN) has reaffirmed its commitment to strengthening policy coordination,
maintaining financial stability and supporting sustainable economic growth as
the country navigates evolving domestic and global economic conditions.
Speaking during the press
briefing on the 306th Monetary Policy Committee (MPC) meeting, CBN Governor
Olayemi Cardoso said the committee remains focused on reducing inflation,
improving policy effectiveness and sustaining macroeconomic stability.
Cardoso said the MPC expects
Nigeria’s economy to record resilient growth in 2026, supported by improved oil
production, stronger purchasing managers’ index (PMI) performance and ongoing
economic reforms.
He noted that the committee
remains prepared to implement appropriate measures to protect price stability
and maintain confidence in the financial system.
The CBN Governor welcomed
progress from the banking sector recapitalisation exercise, stating that
stronger financial soundness indicators demonstrate increased resilience within
Nigeria’s banking industry. He said the reforms are expected to improve confidence,
strengthen lending capacity and enhance financial intermediation.
On foreign exchange reforms,
Cardoso reiterated the CBN’s commitment to maintaining a transparent, liquid
and market-driven foreign exchange system, with exchange rate movements guided
by economic fundamentals including export earnings, foreign direct investment
inflows and domestic productivity.
He stressed that Nigeria
requires a competitive currency supported by strong economic fundamentals to
achieve long-term stability.
The Governor also
highlighted the introduction of the Nigeria Overnight Financing Rate (NOFR),
describing it as an important step towards improving transparency in the
interbank market. He said the rate, which reflects actual interbank
transactions, will strengthen monetary policy transmission under Nigeria’s
inflation-targeting framework.
Cardoso further addressed
recent supervisory actions involving 46 microfinance banks, explaining that the
measures were necessary to address regulatory breaches and protect depositors’
funds. He also clarified that all approved naira denominations, including
commemorative and standard ₦100 notes, remain legal tender.
The CBN Governor said
international recognition of Nigeria’s economic reforms is contributing to
improved investor confidence and creating a foundation for stronger economic
growth.
He also commended CBN staff
and the Nigerian media for their contributions to the institution’s recognition
at the 2026 Central Banking Awards, describing the achievement as a reflection
of professionalism, accountability and commitment to public service.
