The Central Bank of Nigeria has said recent reforms have helped restore some macroeconomic stability but warned that more work is required to improve living standards and address structural weaknesses in the economy. Deputy Governor Emem Usoro, represented by the Director of Corporate Communications, Hakama Sidi Ali, stated this at the 2025 Seminar for Finance Correspondents and Business Editors in Lagos.
Usoro said the CBN under Governor Olayemi Cardoso inherited a fragile macroeconomic environment marked by high inflation, forex shortages, depleted external reserves and heavy fiscal reliance on Ways and Means financing. She said the bank responded with a series of compliance-driven measures, including a return to orthodox monetary policies, strengthened regulatory oversight and the ongoing recapitalisation of banks.
According to her, these interventions, supported by fiscal reforms, have helped reduce inflation to 16.05 percent, raised external reserves to more than 46 billion dollars and stabilised the exchange rate below 1,500 naira to the dollar. She added that improved reserve levels have extended Nigeria’s import cover to over ten months and reduced volatility in the foreign exchange market.
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Despite the progress, Usoro said more effort is required to strengthen economic fundamentals and enhance living conditions. She called for stronger coordination between fiscal and monetary authorities and urged journalists to support the reform process through accurate reporting. Earlier, CBN Lagos Branch Controller Diabo Amorighoye, represented by Assistant Director Anthony Adamu, stressed that harmonised policies could help deepen markets, support inclusive growth and strengthen the naira.
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