CBN Gives Update on Nigeria Economy “More Work Needed”
- The CBN has expressed satisfaction with the economic reforms undertaken through Yemi Cardoso
- Deputy Governor Emem Usoro said the reforms have helped stabilised inflation, exchange rates
- Usoro calls for stronger alignment between fiscal and monetary policies to sustain growth
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) said its recent reforms have helped stabilise the country’s economy.
CBN Deputy Governor for Corporate Services Emem Usoro made the remarks in Lagos in a keynote address delivered on her behalf by the bank’s Director of Corporate Communications Hakama Sidi Ali
Source: Getty Images
CBN Deputy Governor for Corporate Services Emem Usoro made the remarks in Lagos on Thursday in a keynote address delivered on her behalf by the bank’s Director of Corporate Communications Hakama Sidi Ali at the Seminar for Finance Correspondents and Business Editors.
Themed “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” the event focused on the role of coordinated policy actions in supporting economic stability.
Usoro said when the Governor Olayemi Cardoso led management assumed office two years ago, the bank faced a challenging environment marked by high inflation, forex scarcity, unstable exchange rates, low reserves, weak oil receipts and heavy reliance on ways and means financing.
These issues, she said placed pressure on the financial system and underscored the need for urgent reforms.
She noted that the CBN responded with “well sequenced and compliance driven measures” including tighter monetary policy, stronger corporate governance and an ongoing bank recapitalisation exercise. These actions aligned with the Federal Government’s broader reforms had delivered measurable improvements, Punch reports.
Success of CBN reforms in 3 years
Usoro noted that inflation has moderated to 16.05%, the naira has stabilised below N1500 to the dollar with reduced volatility, and external reserves have climbed above $46 billion, providing more than 10 months of import cover. Lending conditions have also begun to ease as price pressures reduce.
She said:
“These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team."
Source: Getty Images
Despite the gains Usoro said progress had not yet translated into improved living standards for most citizens.
She stressed that stronger collaboration among fiscal and monetary authorities, regulators and the media was needed to sustain reforms and deliver better economic outcomes, the Sun reports.
Her words:
“While progress has been made, more work is needed to improve macroeconomic fundamentals and the standard of living for Nigerians."
Usoro said aligning fiscal and monetary policies would strengthen regulation and support financial system resilience as digital finance and new technologies reshape the industry.
CBN advises Nigerians on how to handle naira notes
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has advised the public to exercise caution in handling naira notes privately and at public events.
The apex bank noted that the Nigerian currency should be treated as a vital national symbol.
The advisory comes ahead of the yuletide season, a period often marked by social festivities that can lead to misuse of the Naira through spraying, mutilation, and other improper practices.
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Source: Legit.ng
