CBN Governor Olayemi Cardoso Celebrates Three Years in Office

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), marked his third year in office on September 15, 2026. He was appointed CBN Governor on September 15, 2023, assumed duty in acting capacity on September 22, 2023, and was confirmed by the Senate on September 26, 2023.

Under his leadership, the CBN has implemented measures to enhance market transparency, improve financial stability, and shift towards a market-driven exchange rate regime. Cardoso's focus on price and exchange rate stability has contributed to macroeconomic stability, strengthening investor confidence.

The Consumer Price Index (CPI) showed a decrease in headline inflation from 23.1% at the beginning of 2025 to 15.39% in August 2026. Cardoso has maintained a hawkish monetary policy stance to combat inflation and curb excessive money supply, especially as the country approaches another election cycle.

Additionally, the CBN has worked to unify the forex market and introduced the Nigerian Foreign Exchange Code (FX Code) to ensure accountability.