By Ayomide Otitoju
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the apex bank’s determination to curb inflation and stabilize the economy through strategic monetary policies.
Speaking in Abuja at the Monetary Policy Forum 2025, Cardoso emphasized that the CBN’s approach remains forward-looking, adaptive, and resilient to navigate economic challenges. The forum brought together fiscal authorities, legislators, private sector leaders, development partners, experts, and scholars to discuss strategies for managing inflation.
Strengthening Policy Coordination for Stability
Addressing the theme, ‘Managing the Disinflation Process,’ Cardoso stressed the importance of coordination between fiscal and monetary authorities in tackling inflationary pressures.
“Managing disinflation amidst persistent shocks requires not only robust policies but also coordination between fiscal and monetary authorities to anchor expectations and maintain investor confidence.
Our focus must remain on price stability, transitioning to an inflation-targeting framework, and restoring purchasing power to ease economic hardship.”
Progress in Forex Market and External Reserves
The CBN governor highlighted key economic gains, including:
Relative stability in the foreign exchange (FX) market
Narrowing exchange rate disparities
Growth in external reserves, surpassing $40 billion as of December 2024
Strengthening the Banking Sector
Cardoso also reaffirmed the CBN’s commitment to strengthening Nigeria’s banking sector, announcing the introduction of new minimum capital requirements for banks, effective March 2026. This measure, he said, is designed to enhance resilience and position the banking industry for a $1 trillion economy.
“As we shift from unorthodox to orthodox monetary policy, the CBN remains committed to restoring confidence, strengthening policy credibility, and staying focused on its core mandate of price stability,” he stated.
The forum served as a platform to align monetary and fiscal strategies in addressing Nigeria’s economic challenges while fostering sustainable growth.
