The Nigerian Senate has demanded a detailed explanation from the Central Bank of Nigeria (CBN) regarding the alleged non-remittance of N1.44 trillion in operating surplus. This development comes as the CBN reports that the Nigerian economy has entered its most stable phase in over a decade.
The Senate Committee on Banking, Insurance and Other Financial Institutions, led by Senator Tokunbo Abiru, emphasized the need for transparency and accountability in monetary governance. Abiru stated that the Senate expects the CBN to provide a clear and documented response to the Auditor-General’s query on the unremitted funds, including the circumstances surrounding the query, corrective steps taken, and measures to prevent future lapses.
CBN Governor Olayemi Cardoso presented an extensive review of the economic conditions, highlighting the progress made in stabilizing the foreign exchange market and reducing inflation. According to Cardoso, Nigeria is experiencing renewed macroeconomic stability, with headline inflation declining for seven consecutive months to 16.05 percent in October 2025. He attributed this progress to bold monetary reforms, foreign-exchange liberalization, and disciplined liquidity management implemented since mid-2025.
The CBN governor also reported a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years, and a significant increase in diaspora remittances and foreign capital inflows. Additionally, the CBN has fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
Despite the positive indicators, the Senate sought clarity on several policy decisions, including the sustained 45 percent Cash Reserve Ratio, FX forward settlements, and compliance of CBN subsidiaries with parliamentary oversight. The Senate committee pressed for explanations on these issues, emphasizing the need for stronger inter-agency cooperation to maintain public confidence.
The meeting between the Senate committee and the CBN governor ultimately moved into a closed-door session, indicating that further discussions and clarifications are needed to address the concerns raised. The outcome of this meeting is expected to provide more insight into the CBN’s actions and the Senate’s expectations for improved transparency and accountability in Nigeria’s monetary governance.