Nigeria’s central bank says its ongoing reforms are helping stabilise the economy, but called for stronger coordination between fiscal and monetary authorities to consolidate recent gains.
Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, CBN Deputy Governor for Corporate Services Emem Usoro said policy actions taken over the past two years were “yielding tangible improvements across key economic indicators.”
She recalled that when Governor Olayemi Cardoso’s team took office, the economy was under severe pressure, facing “soaring inflation, a volatile naira, depleted external reserves and a backlog of foreign exchange obligations” conditions she said threatened financial system stability.
Usoro said the central bank responded with “well-sequenced, compliance-driven measures” including orthodox monetary tightening, stronger corporate governance and the ongoing bank recapitalisation programme. She said the actions were aligned with the government’s wider reform agenda.
According to her, the impact is becoming clearer. Inflation has eased to 16.05 percent, the naira has stabilised below ¦1,500 to the dollar with limited volatility, and external reserves have climbed above US$46 billion, giving the country more than 10 months of import cover.
She said moderating inflation was supporting a gradual decline in lending rates, while improved discipline in the foreign-exchange market had strengthened investor confidence. Despite the progress, Usoro said further work was needed to reinforce macroeconomic stability and improve living conditions.
She stressed the need for deeper cooperation between fiscal and monetary authorities, particularly as digital finance and technology continue to reshape the financial system.
Usoro also highlighted the role of the media in shaping public understanding of reforms, saying effective communication “strengthens policy credibility and outcomes.”
She praised the CBN’s Corporate Communications Department for hosting the seminar and urged participants to offer practical recommendations to enhance policy alignment.
Nigeria civil society coalition rejects claims of “Christian genocide” as politically motivated
