The Central Bank of Nigeria said that although the economy has seen some stability in recent months, the country still needs stronger macroeconomic fundamentals to improve the living standards of Nigerians. CBN Deputy Governor for Corporate Services, Emem Usoro, delivered this message through the bank’s Director of Corporate Communications, Hakama Sidi-Ali, during a seminar for finance correspondents and business editors held in Lagos.
Usoro explained that the seminar, themed “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” came at the right time because it deepened discussions on how coordinated government reforms can strengthen the economy. She recalled that when Olayemi Cardoso and his team took over leadership of the CBN two years ago, the country faced a difficult economic environment. Inflation was high, the exchange rate was unstable due to forex scarcity, external reserves were falling, oil revenue was weak, FX backlogs piled up, and the government relied heavily on ways and means financing. She said these conditions put pressure on the financial system and showed how urgently reforms were needed.
She noted that the CBN responded with a set of well-planned, compliant, and orthodox monetary policy measures. These included stricter corporate governance and the ongoing bank recapitalisation programme. According to her, these actions, combined with the Federal Government’s broader reforms, played a major role in restoring some level of stability.
Usoro highlighted the progress recorded so far. Inflation has dropped to 16.05 per cent, the naira has stabilised below N1,500 per dollar with less volatility, and external reserves have risen above $46bn, giving the country more than 10 months of import cover. She added that recent monetary policy adjustments were beginning to ease lending rates as price pressures gradually moderate. She said these improvements reflect the commitment of Governor Olayemi Cardoso and his team, but she stressed the importance of clear communication from the media to help Nigerians understand ongoing reforms and their impact.
Despite the progress, Usoro warned that the improvements are not yet enough to significantly raise living standards. She said the country must do more to strengthen macroeconomic foundations and ensure that citizens feel the benefits. She called for stronger collaboration among fiscal authorities, monetary policymakers, regulators, and the media to sustain reforms and deliver better economic outcomes. She explained that aligning fiscal and monetary policies will strengthen the financial system, improve regulation, and build resilience as digital finance and new technologies continue to transform the sector.
Usoro also said that better coordination will promote transparency, accountability, discipline, and credibility. She encouraged journalists to communicate policy issues accurately because the media shape public understanding and help citizens see the benefits of government actions.
The CBN’s Lagos Branch Controller, Diabo Amorighoye, represented by Assistant Director Anthony Adamu, also addressed participants. He described Nigeria as being at a critical point where deeper synergy between fiscal and monetary authorities is necessary. Adamu emphasised that misaligned policies can lead to inflation, inefficiencies, and reduced investor confidence, while harmonised policies can strengthen the naira, improve external reserves, deepen financial markets, and support inclusive growth. He reminded journalists that their work influences investors, citizens, and international observers who closely watch Nigeria’s economic direction.
Earlier in April 2025, the International Monetary Fund noted that although the Nigerian government has taken important steps to stabilise the economy, most citizens have not yet felt the positive impact. The IMF acknowledged recent bold reforms, including the removal of fuel subsidies, the halt of monetary financing of the deficit, and improvements in the foreign exchange market. However, the Fund stated that the benefits of these policies are yet to reach many households, as poverty and food insecurity remain widespread.
