The Centre for Economic Growth and Monetary Reforms has commended the Governor of the Central Bank of Nigeria, Olayemi Cardoso, for his disciplined monetary policy stance, which it says is responsible for the country’s declining inflation and rising external reserves.
Executive Director of the Centre, Mary Odoma, made this known in a statement released on Monday.
Odoma said the recent moderation in inflation, rebound in Nigeria’s foreign reserves, and renewed investor confidence signal that the economy is stabilising after an extended period of volatility.
“We commend the CBN governor for maintaining a steady course, especially through difficult transitions. His consistent messaging and commitment to orthodox monetary policy are now yielding measurable progress,” she said.
According to the latest data from the National Bureau of Statistics, Nigeria’s inflation rate dropped to 23.71 percent in April 2025 from 24.23 percent in March.
Although the decline appears modest, the Centre described the trend reversal especially in food and core inflation as a significant milestone amid persistent cost-of-living challenges faced by Nigerian households.
“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Odoma said.
CEGMR also highlighted the CBN’s success in rebuilding the country’s external reserves, which have recently surged beyond $38.9 billion a development it says reflects stronger macroeconomic fundamentals.
“This signals restored credibility and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she said.