Speaking at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, the CBN Deputy Governor (Corporate Services), Ms. Emem Usoro, noted that coordinated government policies implemented over the past two years have begun to deliver improvements across major economic indicators.
Usoro recalled that when the Olayemi Cardoso-led leadership assumed office, the nation was dealing with multiple economic challenges, including rising inflation, instability in the naira, a sharp decline in external reserves, and a growing backlog of foreign exchange obligations — all of which posed threats to financial system stability.
To address these issues, she said the CBN adopted “well-sequenced, compliance-driven measures,” such as orthodox monetary tightening, enhanced corporate governance, and the ongoing banking sector recapitalisation programme. These initiatives, according to Usoro, complement the Federal Government’s broader economic reform agenda.
She noted that the positive impact of these reforms is becoming visible: inflation has declined to 16.05%, the exchange rate has stabilised below ₦1,500 to the dollar with reduced volatility, and external reserves have risen above $46 billion, giving Nigeria more than 10 months of import cover.
Usoro added that easing inflationary pressures are supporting a gradual reduction in lending rates, while improved discipline in the foreign exchange market has contributed to rising investor confidence.
Despite the gains, the deputy governor stressed that more work must be done to consolidate macroeconomic stability and improve citizens’ welfare. She highlighted the need for stronger collaboration between fiscal and monetary authorities, particularly as technological advancements reshape Nigeria’s financial landscape.
Usoro also acknowledged the media’s crucial role in enhancing public understanding of ongoing reforms, stating that effective communication strengthens policy credibility. She commended the CBN’s Corporate Communications Department for organising the seminar and encouraged journalists to develop practical recommendations to improve policy alignment.
