The Centre for the Promotion of Private Enterprise has evaluated the performance of the Central Bank of Nigeria under Governor Olayemi Cardoso over the past two years. The think‑tank highlights several notable achievements: stability of the naira, gains in the foreign‑exchange market, and a decline in inflation. In a statement, Centre director Muda Yusuf emphasized that comprehensive reforms by the Central Bank have restored confidence, strengthened governance, and repositioned the financial system for inclusive, sustainable growth.
A key reform has been the liberalisation and unification of the foreign‑exchange market. This change has increased transparency and credibility, boosted liquidity, enhanced institutional capacity, and reinforced financial stability. By eliminating multiple exchange‑rate windows, the unification has reduced opportunities for arbitrage and corruption, improved price discovery, and enabled a more efficient allocation of foreign‑exchange resources.
The Central Bank’s monetary‑policy tools—particularly interest‑rate adjustments and liquidity management—have also contributed to the recent decline in inflation and the restoration of macroeconomic stability. Nonetheless, the Centre urges the Bank to consider easing its monetary‑policy rate and cash‑reserve ratio to balance price stability with economic growth. A gradual, calibrated reduction of these rates as inflation moderates would create a more enabling credit environment. The Centre further recommends complementing monetary tightening with supply‑side measures to address the structural drivers of inflation.
Since Governor Cardoso’s appointment by President Bola Ahmed Tinubu in September 2023, the Central Bank has made significant strides. Interest rates have fallen from 26.72 % to 21.12 % as of August 2025, while the foreign‑exchange rate has risen from about N788 per dollar in September 2023 to N1,487.90 in September 2025, largely due to currency liberalisation. The Centre’s assessment underscores the importance of these reforms in achieving economic stability and promoting growth. As the economic landscape evolves, the Central Bank’s policies will remain crucial in navigating upcoming challenges and opportunities, and the Centre’s recommendations could further support Nigeria’s development and strengthen its financial system.
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