The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has reaffirmed the apex bank’s determination to bring inflation down to single digits over the medium term, declaring that monetary policy decisions will continue to be guided by data and focused on long-term economic stability.
Cardoso made the assurance on Wednesday while presenting the CBN’s statutory report on its first-half 2026 activities to the Senate Committee on Banking, Insurance and Other Financial Institutions.
The CBN Governor said the bank’s strategy for the remainder of the year would centre on sustaining price stability, strengthening monetary policy transmission, deepening reforms in the foreign exchange market and ensuring a more resilient financial system.
He also listed enhanced post-recapitalisation supervision of banks, implementation of the Payments System Vision 2028 and stronger cybersecurity measures among the institution’s priorities.
Reviewing the Bank’s performance in the first six months of 2026,
Cardoso said the CBN recorded notable progress in moderating inflationary pressures, stabilising the foreign exchange market, boosting external reserves and strengthening the banking sector.
He described the successful completion of the banking sector recapitalisation programme as a landmark achievement that has enhanced the industry’s capacity, resilience and competitiveness.
He expressed confidence in Nigeria’s economic prospects, stressing that the apex bank would remain committed to its statutory mandate by pursuing policies designed to promote macroeconomic stability and protect the long-term interests of Nigerians.
Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, commended the CBN for measures that have improved liquidity in the foreign exchange market, enhanced exchange rate stability and reduced distortions within the financial system.
He urged the Bank to sustain reforms aimed at strengthening investor confidence and supporting economic growth.
