Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, speaks during the conclusion of the 306th meeting of the Monetary Policy Committee (MPC) in Abuja today
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the apex bank’s commitment to maintaining macroeconomic stability through coordinated and data-driven monetary policies, saying the Nigerian economy remains resilient despite global economic uncertainties.
Cardoso made the remarks this Tuesday at the conclusion of the 306th meeting of the Monetary Policy Committee (MPC), where the committee reviewed domestic and global economic developments and reaffirmed its commitment to sustaining price and financial system stability.
According to the CBN Governor, Nigeria’s economy is projected to maintain strong growth in 2026, supported by improved crude oil production, expansionary Purchasing Managers’ Index (PMI) readings and the positive impact of ongoing economic reforms.
He said the MPC remained prepared to deploy appropriate monetary policy measures to moderate inflation and return it to a single-digit level over the medium term.
On the banking sector, Cardoso welcomed the successful completion of the banking sector recapitalisation exercise, describing it as a major step toward strengthening the resilience of Nigeria’s financial system.
He maintained that the country’s banking sector remains safe, sound and resilient, explaining that the recent regulatory action against 46 microfinance banks was necessary to address longstanding compliance and regulatory breaches.
“The protection of depositors’ funds remains the CBN’s foremost priority,” he said.
The governor also reiterated the apex bank’s commitment to maintaining a transparent, liquid and market-driven foreign exchange system based on the willing buyer, willing seller principle.
He noted that exchange rate movements would continue to reflect market fundamentals, while ongoing reforms are expected to strengthen investor confidence, improve competitiveness and support long-term economic stability.
Cardoso also highlighted the introduction of the Nigeria Overnight Financing Rate (NOFR), describing it as a significant milestone in improving transparency within the financial system.
According to him, the new benchmark reflects actual overnight secured funding transactions between banks and will complement the Monetary Policy Rate (MPR), strengthen monetary policy transmission and support the country’s inflation-targeting framework.
Speaking on developments in the nation’s payments ecosystem, the CBN governor clarified that the commemorative ₦100 note, the standard ₦100 note and all approved naira denominations remain legal tender.
He added that the future of payments is increasingly digital, stressing that the apex bank remains committed to building a secure, inclusive and modern payments ecosystem that aligns with global best practices.
Cardoso also expressed delight over the CBN’s emergence as the winner of the 2026 Central Banking Award, describing the recognition as a testament to the dedication and professionalism of the bank’s staff and management.
He commended the Nigerian media for its support, noting that the award underscores the responsibility of central banking, where policy decisions have direct implications for millions of Nigerians.
The CBN governor added that Nigeria’s ongoing economic reforms are attracting international recognition because they are strengthening macroeconomic stability, boosting investor confidence and laying the foundation for sustainable economic growth.
