CBN Reforms Help Nigeria Mitigate Global Economic Shocks

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed that recent reforms have been instrumental in cushioning Nigeria against severe hardships resulting from global economic shocks. During a press briefing following the World Bank and International Monetary Fund's spring meetings in Washington D.C., Cardoso emphasized the importance of a data-driven approach in the Monetary Policy Committee's decisions.

He acknowledged the recent uptick in Nigeria's inflation rate to 15.38% in March 2026, attributing it to global disruptions, particularly the US-Iran conflict affecting energy and food costs. Cardoso noted that while the inflation increase was not surprising, the CBN is committed to reducing inflation to single digits and building economic resilience.

Wale Edun, the Minister of Finance, echoed Cardoso's sentiments, highlighting Nigeria's sound position to withstand external shocks and the positive impact of ongoing reforms on the economy.