The Central Bank of Nigeria (CBN) has stated that its recent economic reforms have played a key role in shielding Nigerians from the worst effects of global economic disruptions. According to the apex bank, these policy measures have helped to moderate the impact of external shocks that could have otherwise led to deeper hardship across the country.
CBN Governor Olayemi Cardoso made this known during the final briefing of the bank at the recently concluded Spring Meetings of the World Bank and International Monetary Fund in Washington, D.C. He explained that decisions taken by the Monetary Policy Committee were guided strictly by data and not emotion, stressing that this cautious approach has proven effective in managing economic risks.
Cardoso acknowledged the recent rise in inflation to 15.38 per cent in March 2026, noting that it reversed earlier gains in price stability. He attributed the increase largely to global disruptions, including geopolitical tensions that have pushed up energy, transport, and food costs worldwide. He, however, maintained that Nigeria had previously recorded consistent inflation slowdown before the external shocks emerged.
The CBN governor added that while there had been calls for faster interest rate cuts, the bank deliberately maintained a cautious stance to avoid exposing the economy to sudden external pressures. He emphasized that access to deeper economic data had informed the committee’s decisions, allowing policymakers to anticipate risks that were not immediately visible to the public.
Cardoso reaffirmed the CBN’s commitment to reducing inflation to single digits while strengthening economic resilience. He noted that recent stability in key economic indicators suggests Nigeria is gradually adjusting to reforms such as market-based foreign exchange and petroleum pricing systems, which have reduced distortions and improved economic transparency.
Finance Minister Wale Edun also supported the CBN’s position, stating that Nigeria is now better positioned to withstand global shocks due to ongoing reforms. He said the country’s improved macroeconomic framework has strengthened investor confidence and ensured smoother economic adjustments without excessive pressure on reserves or the return of unsustainable subsidies.
source: punch