The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s economic reforms have helped restore investor confidence, reduce inflation and strengthen foreign exchange reserves.
Cardoso spoke during a panel discussion at the 2026 International Monetary Fund (IMF) and World Bank Annual Meetings in Bangkok, Thailand.
He said the removal of fuel subsidies, foreign exchange market reforms and tighter monetary policy had helped address longstanding economic distortions, although the changes initially fuelled inflationary pressures.
According to Cardoso, inflation has fallen from a peak of about 34 percent to around 15 percent, while foreign exchange reserves have risen to their highest level in 18 years. Nigeria’s gross external reserves stood at $55.1 billion as of October 13, 2026.
The CBN governor said improved transparency and confidence in the bank’s policies had created room for a more measured approach to monetary policy, including a recent interest rate reduction.
However, he stressed that reducing inflation remained a priority, as rising prices continue to put pressure on household purchasing power.
At the same meeting, IMF Managing Director Kristalina Georgieva warned that the global economy remained vulnerable to conflicts, rising energy costs and mounting debt, urging governments to strengthen their financial buffers and pursue structural reforms.
