The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the federal government and monetary authorities will not reverse ongoing macroeconomic reforms, insisting that the nation has come too far to abandon policies currently yielding positive results.
Speaking after the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, Cardoso stated that policy consistency remains the single most critical factor needed to sustain investor confidence and consolidate Nigeria’s macroeconomic recovery.
Reflecting on global and domestic economic conditions, the apex bank chief observed that governments facing severe economic pressures are often tempted to abandon structural reforms prematurely. However, he emphasized that reversing course would undermine the hard-won progress already recorded across key financial metrics.
Cardoso cited key indicators demonstrating economic stabilization, including the rise in Nigeria’s gross external reserves above $55 billion and a steady moderation in headline inflation. He also highlighted the ongoing banking sector recapitalisation exercise, revealing that commercial banks have raised approximately ₦4.75 trillion in fresh capital. Notably, between 72 and 73 percent of these funds were mobilized from domestic investors, which Cardoso described as a clear vote of confidence in the domestic financial system by Nigerians.
Reassuring bank depositors and foreign investors, the CBN governor affirmed that the Nigerian banking system remains robust and resilient. He added that the monetary authority will continue to focus on transparency, institutional coordination with fiscal authorities, and leveraging emerging opportunities like artificial intelligence to strengthen financial sector governance and protect the nation’s economic trajectory.
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