By Chinedu Sabastine
The Central Bank of Nigeria (CBN) says its ongoing reforms are strengthening the nation’s economy, enhancing resilience against external shocks and restoring investor confidence.
Speaking at the CBN Special Day during the 37th Enugu International Trade Fair, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the Bank has implemented bold and far-reaching policies aimed at stabilising the economy.
She explained that the reforms, under the leadership of CBN Governor, Olayemi Cardoso, have improved transparency and liquidity in the foreign exchange market. She added that the introduction of a new FX manual has simplified trade and investment procedures.
According to her, the reform agenda aligns with the theme of the trade fair, “Empowering MSMEs for Global Competitiveness,” recognising Micro, Small and Medium Enterprises (MSMEs) as critical drivers of economic growth, employment and resilience.
Ali disclosed that the ongoing bank recapitalisation exercise, with a deadline of March 31, 2026, is already yielding positive results, noting that 32 banks had met the new capital requirements as of March 17, 2026.
She added that about 28 per cent of recapitalisation investments came from foreign investors, reflecting renewed confidence in Nigeria’s financial system.
The CBN spokesperson further revealed that the Bank is transitioning to an inflation-targeting framework, describing it as a shift toward a more transparent, forward-looking and rules-based monetary policy system designed to ensure long-term price stability.
She noted that the reforms have earned the apex bank global recognition, including the Central Bank of the Year 2026 award by the Central Banking Awards Committee in London.
On economic performance, Ali said the Bank’s tight monetary policy has helped reduce headline inflation from 34.8 per cent in late 2024 to 15.06 per cent as of February 2026.
She also disclosed that capital inflows increased significantly between 2023 and 2025, while external reserves rose from less than $10 billion to $50.45 billion.
Ali outlined the Bank’s strategic priorities for 2026 to include strengthening the banking system, ensuring price stability, modernising payments, promoting financial inclusion, fostering responsible fintech innovation and enhancing institutional capacity.
She reaffirmed the CBN’s commitment to transparency and urged Nigerians to rely only on official communication channels for information about its policies.
Ali also called on citizens to treat the naira with respect, warning against acts such as mutilation, counterfeiting and spraying of the currency.
Earlier, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Nnanyelugo Onyemelukwe, commended the CBN for reactivating and sustaining the use of trade fairs to disseminate information and raise awareness about its operations.
He said the initiative would enhance public understanding of the Bank’s financial and monetary policies, describing it as commendable.
Onyemelukwe also applauded the CBN’s policy measures aimed at rebuilding business confidence and ensuring stability in the financial sector.
He, however, cautioned that key policy measures—particularly those targeting inflation and exchange rate stability through aggressive monetary tightening—should not become counterproductive.
While acknowledging the recent reduction in the interest rate from 27.0 per cent to 26.5 per cent in February 2026, he expressed concern that the rate remains high. He called for a gradual reduction to single digits to support economic growth.
He further urged the CBN to intensify efforts to manage inflation and liquidity, warning that the high interest rate environment could constrain businesses by limiting access to credit.
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