Inflation under control, says Cardoso

From Adanna Nnamani, Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that inflation in the country is now under control, thanks to ongoing financial-sector reforms and disciplined monetary policy.

According to a statement from CBN on Thursday, Cardoso spoke at the Distinguished Alumni Lecture during the Founders’ Day celebration of St. Gregory’s College in Lagos.

The apex bank Governor highlighted the progress made in stabilising Nigeria’s economy, particularly in banking recapitalisation, foreign-exchange market operations, and inflation management.

According to the him, the Bank’s return to a more orthodox monetary policy framework has helped reduce inflation from a peak of about 34 per cent to around 15 per cent. He added that reforms in the foreign-exchange market have also narrowed the gap between official and parallel market rates, dropping the premium from around 50 per cent in 2022 to less than two per cent in 2025.

“Restoring stability in our economy requires disciplined monetary policy and strong institutions,” Cardoso said. He noted that Nigeria’s external reserves have now exceeded $50 billion, while capital and investment inflows into the country have increased significantly between 2023 and 2025.

Cardoso also stressed the growing role of financial technology in expanding financial inclusion, describing Nigeria as home to one of the world’s most dynamic fintech ecosystems. He encouraged students to embrace interdisciplinary skills, noting that the careers of the future will require the integration of technology, creativity, and analytical thinking.

On banking reform, he reported steady progress under the 2024 recapitalisation programme, with 33 banks raising additional capital and 30 institutions meeting the new minimum capital requirements. The remaining banks are currently undergoing regulatory verification to ensure full compliance.