Senate Questions CBN on Banking Reforms and Inflation

On a recent date, the Senate of Nigeria conducted an oversight session with the Central Bank of Nigeria (CBN) to review its monetary policy, banking sector recapitalization, inflation management, and foreign exchange reforms. The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Mukhail Adetokunbo Abiru, emphasized that the benefits of recent reforms should lead to increased credit for productive sectors rather than merely enhancing bank balance sheets.

CBN Governor Mr. Olayemi Cardoso, accompanied by the four Deputy Governors—Lamido Yuguda, Philip Ikeazor, Muhammad Sani Abdullahi, and Emem Usoro—defended the bank's policy direction, asserting that reforms over the past three years have restored macroeconomic stability and investor confidence.

The committee also raised concerns about banks not meeting new recapitalization requirements, excessive bank charges, and the quality of naira notes. This engagement was the first statutory interaction between the CBN and the Senate in 2026, as mandated by the CBN Act.