The Central Bank of Nigeria has signalled a gradual economic reset as headline inflation fell to 15.06 per cent and foreign reserves surged to $50.45 billion, reflecting the impact of its monetary and financial sector reforms.
Speaking at the CBN Special Day during the 37th Enugu International Trade Fair on Friday, the Acting Director of Corporate Communications and Investor Relations, Sidi Hakama, said the apex bank’s policies are delivering tangible results.
“Headline inflation has declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026,” Hakama said, highlighting the bank’s efforts to stabilise prices and curb rising living costs.
She added that the reforms have also spurred capital inflows, strengthened external reserves, and boosted investor confidence. Capital and investment inflows reportedly grew by nearly 200 per cent between 2023 and 2025.
“These gains are driven by reforms under CBN Governor Mr Olayemi Cardoso, including a more transparent foreign exchange regime. The new FX manual removes restrictive capital controls and simplifies trade and investment procedures, increasing liquidity in the market,” she explained.
Hakama further disclosed that the bank is transitioning to an inflation-targeting framework aimed at sustaining price stability. “This represents a significant shift toward a forward-looking, rules-based monetary policy system anchored in long-term price stability. It will help shape market expectations and cushion the economy from shocks,” she said.
On the banking sector, Hakama reported progress in the ongoing recapitalisation exercise ahead of the March 31, 2026 deadline. “As of March 17, 32 banks have met new capital requirements, with about 28 per cent of recapitalisation investments coming from foreign sources. This reflects renewed confidence in Nigeria’s financial system,” she added.
The CBN’s reforms have also earned international recognition, with the bank receiving the Central Bank of the Year 2026 Award.
Commenting on the development, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, commended the CBN for restoring confidence but cautioned that high interest rates could limit growth. “Although the Monetary Policy Rate was recently reduced from 27.0 per cent to 26.5 per cent, borrowing costs remain high. Interest rates need to reach single digits to improve access to credit and boost productivity and GDP,” Onyemelukwe said.
Hakama further added that the CBN remains committed to stabilising the economy, enhancing investor confidence, and ensuring sustainable growth for Nigeria.