CBN and Finance Ministry Formalize Economic Coordination

On September 18, 2026, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), and Professor Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, signed a memorandum of understanding (MoU) aimed at formalizing fiscal and monetary coordination. This agreement is intended to enhance Nigeria's economic management, particularly in response to inflation, debt sustainability, budget financing, and exchange rate management.

Cardoso emphasized that the MoU establishes a structured system for regular consultation and policy coordination, focusing on areas such as government cash management and liquidity forecasting. He linked the agreement to the CBN's shift towards an inflation-targeting monetary policy framework, highlighting the importance of a supportive fiscal environment.

Oyedele noted that the MoU reflects the interconnectedness of fiscal and monetary policies in managing a single economy, reinforcing existing structures like the Economic Management Team and the National Economic Council.