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The Central Bank of Nigeria (CBN) says its ongoing reform agenda is helping to stabilise the economy, but stressed that deeper alignment between fiscal and monetary authorities is essential to sustain the progress already recorded.
Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, CBN Deputy Governor (Corporate Services), Ms. Emem Usoro, said that coordinated policy efforts over the past two years are beginning to show visible improvements across major economic indicators.
CBN Deputy Governor (Corporate Services), Ms. Emem Usoro
She recalled that when the Olayemi Cardoso-led leadership assumed office, the economy faced multiple pressures—including surging inflation, an unstable naira, depleted external reserves, and a large backlog of unmet foreign exchange obligations—all of which posed risks to financial system stability.
According to Usoro, the CBN responded with a series of “well-sequenced, compliance-driven interventions,” ranging from orthodox monetary tightening and enhanced corporate governance to the ongoing banking sector recapitalisation. These measures, she said, complement the Federal Government’s wider economic reform strategy.
The deputy governor noted that the impact is becoming increasingly evident: inflation has moderated to 16.05%, the exchange rate has stabilised below ₦1,500/$ with reduced volatility, and external reserves have climbed above $46 billion—providing more than 10 months of import cover. She added that easing inflation is supporting a gradual decline in lending rates, while improved discipline in the foreign exchange market has rekindled investor confidence.
While acknowledging these gains, Usoro cautioned that more work is required to secure long-term macroeconomic stability and improve citizens’ welfare. Stronger policy coordination, she said, will be crucial, particularly as digital finance and emerging technologies continue to reshape the financial landscape.
She also highlighted the media’s responsibility in deepening public understanding of policy actions, noting that clear and accurate communication enhances the credibility and effectiveness of reforms. Usoro commended the CBN’s Corporate Communications Department for convening the seminar and encouraged participants to develop actionable insights that can foster greater fiscal–monetary alignment.
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