CBN Unveils 5-point Agenda To Consolidate Economic Gains, Get Banks’ Support

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Thursday unveiled a five-point policy agenda aimed at consolidating recent macroeconomic gains and steering the country toward sustained stability.

Cardoso spoke at the 2026 Monetary Policy Forum held in Abuja, where he set out the Bank’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.

Group managing director/CEO of United Bank for Africa, Oliver Alawuba who spoke on behalf of other bank CEOs pledged support for the support for the monetary and fiscal authorities, adding that banks are the biggest beneficiaries of the ongoing reforms by both authorities.

The banks agreed that Nigeria’s recent policy direction had improved confidence, but stressed the need for consistency to maintain momentum.

The event underscored a growing alignment between key stakeholders on the path to macroeconomic stability, with the CBN positioning its five-point agenda as the cornerstone of the next phase of economic management.

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 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.

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, 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.

Cardoso further stressed that the success of the consolidation phase would depend on sustained collaboration across institutions.

He described the Monetary Policy Forum as a platform designed to deepen dialogue, promote transparency, and strengthen consensus around policy direction.
“The essence of this forum is engagement. We will continue to listen, collaborate, and refine our approaches in the collective interest of macroeconomic stability,” he said.

He reaffirmed the CBN’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.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun described the forum as timely, stressing that stakeholder feedback remains critical to shaping effective monetary policy.

The minister expressed optimism that rates would decline as inflation moderates. According to him, this transition will depend on sustained reforms and policy decisions that reinforce macroeconomic stability.

Edun emphasised that stability requires coordination across institutions, especially the fiscal and monetary authorities, commending ongoing FX reforms and the shift toward inflation targeting.

He said Nigeria is transitioning from stabilisation to growth, targeting about 7 per cent GDP expansion, with a focus on balancing inflation control with inclusive, investment-driven economic growth.

CBN deputy governor, economic policy directorate, Muhammad
Abdullahi described the Monetary Policy Forum as a critical platform for engagement, noting that effective monetary policy increasingly depends on credibility, communication, and stakeholder expectations. He said continuous dialogue helps align policy intentions with real-sector outcomes and strengthens trust in the financial system.

He cautioned that achieving lasting stability in the Nigerian economy requires sustained discipline and cannot be delivered by the Central Bank alone.

Abdullahi stressed the need to maintain reform momentum and deepen collaboration among stakeholders. He urged participants to provide practical feedback on how policy shifts affect investment, credit, and production, adding that continuous engagement beyond the forum is essential for responsive and effective policymaking.