By Mary Onyia
The Central Bank of Nigeria, CBN, has expressed confidence in the economic reforms it embarked on since the advent of the President Tinubu’s administration, claiming they are making positive impact on the economy of the country as a whole.
Addressing newsmen, at the 2025 Seminar of Finance Correspondents and Business Editors in Abuja, CBN deputy governor. Corporate services, Ms. Emem Usoro said the robust policy tools introduced by the apex bank have helped in stabilising the economy, adding that the bank is committed to further strengthening these policy tools for more enduring result.
Usoro, however, stressed the need for deeper coordination between fiscal and monetary authorities to sustain the gains, being recorded across key economic indicators.
She recalled that when the Olayemi Cardoso-led management assumed office, Nigeria’s economy was under severe strain, grappling with soaring inflation, a volatile naira, depleted external reserves, and a bloated foreign exchange backlog, noting that a threatening situation in which the Governor of the CBN, Yemi Cardoso and his team responded with calm, “well-sequenced, compliance-driven measures,” including orthodox monetary tightening, stronger corporate governance, and the ongoing bank recapitalisation exercise. These steps, she noted, align with the Federal Government’s broader reform agenda.
According to her, the results are becoming evident: inflation has eased to 16.05%, the exchange rate has stabilised below ¦ 1,500/$ with minimal volatility, and external reserves have risen above $46 billion, providing more than 10 months of import cover.
She added that moderating inflation is supporting a gradual reduction in lending rates, while improved discipline in the foreign exchange market has boosted investor confidence.
Despite the progress, Usoro emphasised that more work is needed to reinforce macroeconomic stability and improve living conditions. She said stronger collaboration between fiscal and monetary authorities will be critical, especially as digital finance and technology reshape the financial system.
Usoro also underscored the media’s role in shaping public understanding of reforms, saying effective communication strengthens policy credibility and outcomes. She commended the CBN’s Corporate Communications Department for organising the seminar and urged participants to generate practical recommendations to enhance policy alignment.
With additional reports from the Vanguard