CBN Highlights Reform Progress, Calls for Tighter Fiscal–Monetary Coordination

The Central Bank of Nigeria (CBN) has said its reform agenda is beginning to deliver meaningful economic stability, but emphasised that sustained progress will require stronger alignment between fiscal and monetary authorities.

Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, CBN Deputy Governor (Corporate Services), Ms. Emem Usoro, noted that coordinated policy actions over the last two years have produced clear improvements across several macroeconomic indicators.

She recalled that when the Olayemi Cardoso-led management took office, the Nigerian economy was under intense pressure — marked by soaring inflation, a weakened naira, low external reserves and a backlog of FX obligations — all of which threatened the stability of the financial system.

Usoro said the CBN responded with “well-sequenced, compliance-driven measures,” including strict monetary tightening, improved corporate governance, and the ongoing bank recapitalisation programme. These steps, she added, are aligned with the Federal Government’s wider reform efforts.

According to her, the reforms are producing measurable outcomes: inflation has dropped to 16.05%, the exchange rate has stabilised below ₦1,500/$ with reduced volatility, and external reserves have climbed above $46 billion, giving the country more than 10 months of import cover.

She noted that easing inflation is leading to a gradual decline in lending rates, while improved discipline in the FX market has strengthened investor confidence.

Despite these gains, Usoro stressed that more effort is required to consolidate macroeconomic stability and improve citizens’ welfare. She said deeper cooperation between fiscal and monetary authorities would be essential, especially as digital finance and emerging technologies continue to reshape the financial landscape.

Usoro further highlighted the media’s critical role in shaping public perception of economic reforms, saying sound communication enhances policy credibility. She commended the CBN’s Corporate Communications Department for hosting the seminar and urged participants to propose practical ideas that would strengthen policy coordination.

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