The International Monetary Fund has praised the Central Bank of Nigeria, CBN, for what it described as a major turnaround in monetary management, urging it to refine key policy tools as the country moves toward full inflation targeting.
Speaking at the 20th anniversary of the CBN’s Monetary Policy Department, the IMF’s Christian Ebeke said Nigeria had emerged from a period marked by high inflation, a large FX backlog and weakened reserves.
He noted that inflation has eased to 16.05% and confidence is returning to the foreign exchange market. CBN Governor Olayemi Cardoso, represented at the event, highlighted recent reforms, including stronger communication and a more credible policy framework.
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Officials said rising reserves, a firmer naira and improved investor sentiment show Nigeria is now on a more stable monetary path.
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