In a keynote address delivered at the 60th Annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN), the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, detailed the significant progress made in stabilizing the nation’s economy over the past year and laid out a clear agenda for continued growth and reform in 2026.
Held on Friday, November 28, 2025, the event brought together leaders from the banking sector, policymakers, and international partners. Governor Cardoso opened his remarks by acknowledging the challenging global and domestic context in which these reforms have taken place, while expressing optimism about Nigeria’s economic trajectory.
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Reflecting on Reforms and Macroeconomic Stability
Governor Cardoso emphasized that Nigeria has undergone one of the most ambitious reform cycles in its recent history, aimed at restoring macroeconomic stability, strengthening institutions, and rebuilding trust. He reported meaningful progress across key indicators:
Inflation Control: Headline inflation has more than halved from a peak of 34.6% in November 2024 to 16.05% in October 2025, marking seven consecutive months of disinflation.
GDP Growth Real GDP growth reached 4.23% in Q2 2025—the strongest in four years—driven by telecommunications, financial services, and improved oil production.
FX Market Stability The foreign exchange backlog of over $7 billion has been fully cleared. The gap between official and parallel market rates has narrowed to under 2%, down from over 60%.
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External Reserves
Nigeria’s foreign reserves climbed to $46.7 billion as of mid-November 2025, the highest level in nearly seven years.
The Governor highlighted several structural reforms that have contributed to this turnaround:
Foreign Exchange Management
The introduction of the Nigerian Foreign Exchange Code and the Electronic Foreign Exchange Management System (EFEMS) has brought transparency, reduced manipulation, and improved price discovery.
Banking Recapitalization: The recapitalization exercise remains on track, with 27 banks raising capital and 16 already meeting or exceeding the new requirements ahead of the March 2026 deadline.
– **Digital Finance & Payments:** Over 12 million contactless payment cards are now in circulation, and Nigeria’s fintech sector continues to lead in Africa with eight of the continent’s nine unicorns.
National and International Recognition
Nigeria’s exit from the Financial Action Task Force (FATF) grey list was cited as a milestone achievement, restoring international confidence and easing compliance burdens. This coordinated effort involved multiple agencies including the Ministry of Justice, EFCC, and NFIU.
Rating agencies including Fitch, Moody’s, and Standard & Poor’s have acknowledged Nigeria’s strengthened economic fundamentals, with upgrades and positive outlooks reflecting improved investor sentiment. In a show of confidence, Nigeria’s recent Eurobond issuance attracted $13 billion in orders—the largest in the nation’s history.
Challenges and Compassion
Governor Cardoso also addressed ongoing security challenges, acknowledging their human and economic toll. While noting that security falls outside the CBN’s mandate, he reaffirmed the Bank’s role in maintaining economic stability to support livelihoods and investment.
Strategic Priorities for 2026
Looking ahead, the CBN has outlined six key priorities for the coming year: Strengthening banking sector stability and governance.Delivering durable price stability through refined inflation-targeting frameworks. Modernizing payment systems and expanding financial inclusion.Fostering responsible fintech innovation with enhanced consumer protections. Building institutional capacity and operational efficiency within the CBN and Deepening partnerships with local and international stakeholders.
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Governor Cardoso closed by reaffirming the CBN’s commitment to evidence-based policymaking, transparency, and collaboration. “The foundation for a revitalized Nigeria has been laid,” he stated, “but the journey is far from complete.”
With improved economic diversification, a flexible exchange rate regime, and growing non-oil exports, Nigeria is better positioned today to withstand external shocks and sustain inclusive growth.
The event concluded with a strong sense of renewed confidence among attendees, reflecting broad alignment between the public and private sectors on the path forward for Nigeria’s economy.
