The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has highlighted Nigeria’s progress in restoring macroeconomic stability, rebuilding confidence and strengthening international financial partnerships,
He gave the highlight at the press briefing marking the conclusion of the 2026 IMF–World Bank Annual Meetings in Bangkok, Thailand, on October 17, 2026,
In the highlight, Governor Cardoso noted that headline inflation declined to 14.63% in September 2026, from approximately 34.8% at the end of 2024. External reserves have exceeded US$55 billion, an 18-year high, while formal remittance inflows are approaching US$1 billion monthly. Through the banking sector recapitalisation exercise, banks have mobilised ₦4.65 trillion in fresh capital, largely from domestic investors. These gains have been accompanied by Fitch Ratings’ revision of Nigeria’s sovereign outlook from Stable to Positive.
Reflecting on the Annual Meetings, he pointed to bilateral discussions held with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and with IMF First Deputy Managing Director Mr Dan Katz and World Bank Group President Mr Ajay Banga.
He noted engagements with leading credit rating agencies and his participation in global policy discussions on economic resilience, monetary policy and artificial intelligence.
The Governor further outlined efforts to deepen Nigeria’s financial connectivity with Asia, including recent engagements in Singapore and a meeting with the Governor of the People’s Bank of China on cross-border payments, financial technology and trade finance, ahead of a visit to Beijing.
Looking ahead, Governor Cardoso reaffirmed the CBN’s commitment to sustaining disinflation, maintaining monetary and financial stability, and developing a deeper, more internationally connected financial system, with single-digit inflation remaining the medium-term objective.
“We came to Bangkok with evidence of Nigeria’s progress and leave with stronger international relationships and a clearer understanding of the opportunities ahead,” Cardoso said.
