The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the central bank would now focus on a five-point policy agenda aimed at consolidating recent macroeconomic gains and steering the country toward sustained stability.
Mr Cardoso, while speaking at the 2026 Monetary Policy Forum held in Abuja on Thursday, set out the lender’s next phase of reforms anchored on inflation control, exchange rate stability, stronger reserves, deeper financial markets, and improved policy effectiveness.
The forum, themed Strengthening Nigeria’s Macroeconomic Stability Through Effective Monetary Policy: The Roles of Critical Stakeholders, brought together fiscal authorities, financial institutions, private sector players, and development partners.
He said the CBN will be positioning its five-point agenda as the cornerstone of the next phase of economic management.
Mr Cardoso said while recent reforms had delivered measurable improvements across key indicators, the focus had now shifted to consolidation.
He identified the five priorities as anchoring inflation firmly on a downward path to single-digit levels, sustaining exchange rate stability, strengthening external reserves through organic inflows, deepening interbank market development, and enhancing the transmission of monetary policy.
According to Mr Cardoso, the priorities reflect a deliberate strategy to entrench stability and improve the efficiency of the monetary framework. “The journey is far from complete. Our next phase is focused on consolidation,” Cardoso said, stressing that maintaining discipline and consistency would be critical to achieving durable outcomes.
He noted that the bank’s tightening measures and foreign exchange reforms had already begun to yield results, with inflation moderating, reserves strengthening, and market confidence improving.
However, he cautioned that sustaining these gains would require strong coordination between monetary and fiscal authorities.
Mr Cardoso emphasised that macroeconomic stability could not be achieved in isolation, describing it as a shared responsibility among policymakers, financial institutions, and the broader economic system.
He said disciplined fiscal operations, aligned policy actions, and continuous stakeholder engagement would be essential in delivering on the Bank’s objectives.
The CBN governor also highlighted the importance of deepening the interbank market to improve liquidity distribution and enhance the effectiveness of policy signals across the financial system.
He added that strengthening monetary policy transmission mechanisms would ensure that policy decisions translate more efficiently into real sector outcomes, including price stability and economic growth.
On external buffers, Mr Cardoso said the bank would continue to prioritise reserve accretion through sustainable sources, including improved foreign exchange inflows and enhanced market confidence. He explained that stronger reserves would provide a critical cushion against external shocks and support exchange rate stability.
The CBN chief further stressed that the success of the consolidation phase would depend on sustained collaboration across institutions.
He reaffirmed the apex bank’s commitment to orthodox monetary policy, transparency, and institutional credibility, noting that the reforms undertaken so far were necessary to correct past distortions and lay the foundation for long-term economic resilience.