The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, July 22, 2026, presented the bank’s First Half (H1) 2026 Statutory Briefing to the Senate Committee on Banking, Insurance, and Other Financial Institutions.
During the session, the Governor detailed the bank’s key achievements for the first half of the year, citing sustained progress in inflation moderation, foreign exchange market stability, and the steady accumulation of external reserves. He identified the successful conclusion of the Banking Sector Recapitalisation Programme as a defining milestone, noting that it has significantly bolstered the resilience and global competitiveness of Nigeria’s financial institutions.
Mr. Cardoso reaffirmed the apex bank’s “unwavering commitment” to restoring price stability. He told the committee that the CBN is aiming for single-digit inflation over the medium term, driven by evidence-based monetary policies and improved policy transmission mechanisms.
Outlining the roadmap for the second half of 2026, the Governor listed several high-priority areas. These include intensified post-recapitalisation supervision, deeper reforms within the foreign exchange market, and the implementation of the “Payments System Vision 2028.” He also emphasized a renewed focus on cybersecurity and the overall safeguarding of financial system stability.
Expressing optimism regarding the nation’s economic trajectory, Mr. Cardoso reiterated that the bank’s decisions would remain data-driven and focused on the long-term interests of the Nigerian people.
In response, the Chairman of the Senate Committee, Senator Mukhail Adetokunbo Abiru, commended the CBN leadership for its role in restoring liquidity to the foreign exchange market and reducing the distortions that previously hampered economic growth.
