By Oluwakemi Kindness
Governor of the Central Bank of Nigeria, Olayemi Cardoso, says the country’s economy remains firmly on track following the 2026 Spring Meetings of the IMF and World Bank Spring Meetings in Washington.
Cardoso, in a message on the bank’s official X handle on Monday, says the CBN is focused on building on existing gains, sustaining reforms, and strengthening institutional capacity for long-term macroeconomic stability.
“Nigeria demonstrated strong leadership at the meetings, reaffirming its commitment to reforms that promote stability, growth, and opportunity,” he said.
He added that despite global uncertainty, Nigeria’s reform progress continues to stand out.
“Despite global uncertainty, Nigeria’s reform progress continues to stand out. Our policies are strengthening the naira, boosting reserves, and building investor confidence and capital inflows,” Cardoso said.
He also stated that ongoing reforms are already producing measurable results.
“Reforms are delivering results: lower inflation, stable FX markets, and stronger monetary policy are helping to build a solid foundation for long-term growth,” he added.
Cardoso said Nigeria is proud to host the African Monetary Institute (AMI) in Abuja, describing it as a key step towards deeper African monetary cooperation and integration.
“Our focus is unwavering: sustain reforms, strengthen institutions, and ensure data-driven decisions that support a stable, growing economy for all Nigerians,” he said.
On banking reforms, Cardoso said the recent recapitalisation exercise raised ₦4.65 trillion, with 72.55 percent domestic participation and 27.45 percent foreign participation, describing it as evidence of investor confidence and domestic ownership.
He also said the CBN’s target of $1 billion monthly remittances by the end of 2026 remains on track, urging banks to leverage the enabling environment for seamless diaspora transactions.
Cardoso further noted that Nigeria’s foreign exchange market is now more market-driven and has sufficient liquidity to operate sustainably.
He also highlighted the CBN’s partnership with IMF’s AFRITAC West II, stressing commitment to human capacity development and institutional strengthening.
