Governor of the Central Bank of Nigeria, Olayemi Cardoso, has declared that the fight against inflation and the push for foreign exchange stability remain non-negotiable policy priorities, as authorities intensify reforms to restore macroeconomic balance.
Speaking after the latest Monetary Policy Committee meeting, he outlined measures to deepen FX market transparency, strengthen banking sector resilience, expand credit access to SMEs, and address customer concerns, while expressing cautious optimism about Nigeria’s near-term economic outlook. It is important to remember where we are coming from.
As highlighted in the communiqué, Nigeria experienced 11 consecutive months of disinflation before the recent uptick.
We believe the current increase in inflation has largely resulted from external shocks. That notwithstanding, we have been able to build buffers that have helped protect the economy during this period.
The recent upgrade by S&P is further evidence that the policies we have adopted are moving the economy in the right direction.
