THE Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, affirmed the bank’s commitment to controlling inflation and stabilizing the nation’s economy during the 2025 Monetary Policy Forum held in Abuja.
The event gathered fiscal authorities, legislative representatives, private sector stakeholders, development partners, experts, and academics.
Discussing the theme, ‘Managing the Disinflation Process,’ Cardoso emphasized the CBN’s dedication to maintaining a forward-looking, adaptive, and resilient monetary policy approach.
He noted that the CBN continues its disciplined stance on monetary policy.
“Addressing disinflation amid ongoing shocks necessitates robust policies and collaboration between fiscal and monetary authorities to anchor expectations and sustain investor confidence,” Cardoso explained.
“Our priorities include price stability, transitioning to an inflation-targeting framework, and restoring purchasing power to alleviate economic hardship.”
Cardoso highlighted the CBN’s progress, citing relative stability in the foreign exchange market, narrowing exchange rate disparities, and an increase in external reserves to over $40 billion as of December 2024.
He also mentioned the upcoming introduction of new minimum capital requirements for banks, effective March 2026, to bolster the banking sector and support Nigeria’s ambition of a $1 trillion economy.
“As we transition from unconventional to traditional monetary policies, the CBN is dedicated to restoring confidence, enhancing policy credibility, and focusing on our core mandate of price stability,” Cardoso stated.
Additionally, he pointed out the launch of the Nigeria Foreign Exchange Code as a significant step towards promoting integrity, fairness, transparency, and efficiency in the FX market.