Cardoso says CBN reforms restoring confidence after winning global award

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said the apex bank’s reform programme is helping restore confidence in the economy after receiving the Central Bank of the Year Award in London, citing progress in foreign exchange reforms, banking sector recapitalisation and institutional strengthening.

Speaking at the Central Banking Awards ceremony on Wednesday, Cardoso said the recognition reflected the collective efforts of the Central Bank’s board, management and staff in implementing reforms aimed at strengthening policy credibility, improving resilience and laying the foundation for sustainable economic growth.

The award comes at a time when Nigeria is pursuing wide-ranging monetary and financial sector reforms designed to stabilise the economy, improve investor confidence and strengthen the financial system.

“I accept this award on behalf of the Board, Management and staff of the Central Bank of Nigeria,” Cardoso said during his acceptance speech.

“Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good.”

Cardoso said central banks around the world had faced significant challenges in recent years, with Nigeria also navigating a period of economic pressures and policy adjustments.

He pointed to several difficult but necessary measures undertaken by the CBN, including efforts to tackle elevated inflation, implement major reforms in the foreign exchange market and invest in critical digital and financial infrastructure needed to support long-term economic development.

According to him, the reform agenda has been driven by a commitment to restore confidence, strengthen institutional resilience and reinforce policy credibility.

Among the milestones achieved during the period, Cardoso highlighted Nigeria’s removal from the Financial Action Task Force (FATF) grey list and the successful completion of the banking sector recapitalisation exercise.

He noted that both achievements reflected collaboration among multiple institutions and stakeholders rather than the efforts of the central bank alone.

The CBN governor said the international recognition should be viewed as validation of the institution’s reform efforts rather than a personal accomplishment.

“We receive this recognition with humility,” he said. “We see it not as a destination, but as encouragement to continue the important work ahead.”

While acknowledging that challenges remain, Cardoso said recent developments point to growing confidence across the economy.

He attributed the progress to support from the Federal Government, market participants, development partners and the resilience of Nigerians.

According to him, the work of rebuilding confidence in the economy is still ongoing, but the reforms undertaken so far have helped establish a stronger foundation for long-term stability and growth.

Cardoso reaffirmed the central bank’s commitment to safeguarding monetary and financial stability and maintaining public trust through professionalism, accountability and sound policy implementation.

The Central Bank of the Year Award represents a significant international endorsement of the institution’s reform programme at a time when economic stabilisation, financial sector resilience and investor confidence remain central to Nigeria’s growth agenda.