By Muhammad Mamman
The Central Bank of Nigeria (CBN) has marked two decades of monetary policy evolution with a renewed sense of confidence, as Governor Olayemi Cardoso highlighted significant economic gains during the Monetary Policy Department’s (MPD) 20th Anniversary Colloquium in Abuja on Tuesday.
Speaking through the Deputy Governor for Economic Policy, Mr Muhammad Sani Abdullahi, Cardoso reflected on the theme “Monetary Policy in Nigeria: Past, Present and Future,” noting that the last two years have been particularly transformative for the Nigerian economy. He said bold reforms and decisive policy actions had restored investor confidence and laid the groundwork for sustainable long-term stability.
Cardoso announced that inflation had dropped to 16.05% in October 2025, a sharp decline from its peak of 34.6% in November 2024. He described the development as seven consecutive months of disinflation, marking the nation’s lowest inflation rate in three years—an outcome he characterised as “an encouraging sign of sustained economic recovery.”
The Governor also pointed to an improved external position for Nigeria, revealing that foreign reserves had risen to $46.7 billion as of 14 November 2025, providing 10.3 months of import cover. He attributed this to steady foreign inflows and renewed investor interest across various asset classes.
In a further boost to economic credibility, Cardoso welcomed Nigeria’s removal from the FATF Grey List, describing the milestone as a significant step towards rebuilding global trust and opening up fresh opportunities in trade finance and investment.
Reaffirming the CBN’s strategic direction, he stressed the institution’s commitment to adopting a full inflation-targeting regime, which he said was essential for strengthening credibility, enhancing transparency, and securing long-term price stability.
The anniversary event brought together policymakers, economists, and financial sector stakeholders to reflect on the evolution of Nigeria’s monetary policy framework and its future trajectory, with the CBN positioning itself for a new phase of evidence-driven and stability-focused policy management.
