Nigeria’s sustained monetary tightening has played a central role in slowing inflation, with research estimates showing that the Central Bank of Nigeria’s policy stance accounted for as much as 10 percentage points of the decline in headline inflation, the Governor of the Central Bank of Nigeria and Chairman of the Monetary Policy Committee, Olayemi Cardoso, has said.
This was stated in his personal statement released by the apex bank on its website on Wednesday.
Cardoso, in his personal statement at the Monetary Policy Committee meeting held in November 2025, described the outcome as strong counterfactual evidence of the effectiveness of monetary policy despite significant domestic and global headwinds.
He said the findings reinforced the need for bold and consistent actions to preserve price stability.
In the statement, Cardoso said, “Research estimates indicate that our tight policy stance has accounted for up to 10 percentage points of the decline in headline inflation, providing encouraging counterfactual evidence on the effectiveness of monetary policy in the current environment and a reminder of the need to consistently take bold actions.”
