CBN Wins Global Award for Economic Policy Reforms

The Central Bank of Nigeria (CBN) has been awarded the Global Central Bank Award for 2026, recognizing its significant monetary policy reforms that have contributed to stabilizing Nigeria's economy. Following the appointment of Olayemi Cardoso as governor in October 2023, the CBN initiated extensive reforms to restore macroeconomic stability and rebuild credibility.

These reforms included the adoption of orthodox monetary policies, tightening monetary policy, and addressing foreign exchange liquidity issues. The CBN's actions have led to a reduction in inflation rates, which peaked at 34.80% in December 2024 but declined to 15.10% by January 2026.

Additionally, Nigeria's gross external reserves rose to $46.7 billion by November 2025, the highest level in nearly seven years. The CBN's commitment to further reducing inflation and implementing structural reforms in the banking sector is evident as it aims to transition towards an inflation-targeting framework.