CBN Governor Cardoso Rejects Return to Intervention Programs

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), during an open session of the Monetary Policy Committee workshop on May 21, 2026, rejected calls for the CBN to revert to intervention programs. He defended the bank's commitment to orthodox monetary policy, warning that returning to such measures would distort the bank's balance sheet and weaken policy effectiveness.

Cardoso emphasized the need for evidence-based decision-making and ongoing reforms to restore confidence in the Nigerian economy and strengthen macroeconomic stability. The workshop aimed to enhance monetary policy effectiveness amid evolving domestic and global economic conditions.

Cardoso noted the challenges faced by the CBN, including weakened institutional autonomy and reliance on unorthodox monetary tools. He reaffirmed the bank's focus on conventional monetary policy tools and the importance of transparency in managing inflation and stabilizing the exchange rate.

The CBN aims to align its medium-term objectives with an explicit inflation target framework, requiring deeper institutional reforms and stronger collaboration.