CBN Wins Central Bank of the Year 2026 Award

The Central Bank of Nigeria (CBN) received the "Central Bank of the Year 2026" award from the Central Bank Award Committee in London, recognizing its pivotal role in managing Nigeria's economy and implementing reforms. Governor Olayemi Cardoso acknowledged the global significance of the CBN's leadership in steering the economy towards growth and stability, especially following the deep economic crisis that began under President Bola Tinubu's administration in May 2023.

The committee noted the challenges faced, including hyperinflation and a depreciating naira, but highlighted the CBN's reforms, such as removing fuel subsidies and liberalizing the foreign exchange market. Despite initial difficulties, including inflation rising to 34.80% by December 2024, the CBN's measures have led to a reduction in the gap between official and parallel market rates.

The International Monetary Fund commended Nigeria's efforts in improving the foreign exchange market's liquidity and price discovery, with the CBN's foreign reserves reaching $46.7 billion by November 2025.