The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the economy of the country has been strengthened due to the monetary reforms he has introduced in the bank.
He stated this yesterday in Lafia during the opening ceremony of the CBN fair with the theme: “Driving alternative payment channels as tools for financial inclusion, growth and accelerated economic development”.
Represented by the Acting Director, Corporate Communications and Investor relations Department of CBN, Mrs Hakama Sidi Alli, the CBN governor said the reforms he introduced at the bank resulted to the moderate decline in inflation, ongoing growth in foreign reserves, and the current stability in the foreign exchange market.
According to him “the latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.92per cent in June to 15.43per cent in July 2026.
Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange rate unification, and improved market transparency.
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“The Naira continues to strengthene, with the spread between official and Bureau de Change rates now narrowing to below two per cent. Nigeria’s foreign reserves remain above $52.5 billion as of July 17, 2026, marking a 17-year high target.
“This is supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria. Over the past 34 months, the we have led bold reforms to establish the much needed foundation for Nigeria’s next econo 2 phase, promoting inclusive growth and job creation to alleviate poverty” he said
ment in changing global economy
He however disclosed that, and some of his reforms includes unification and greater transparency of the foreign exchange market, successful banking sector capitalisation, which has fundamentally strengthened the resilience, capacity and competitiveness of the banking industry, among others
He encourage people to rely exclusively on information published on the CBN official and verified platforms. “I also urge you to uphold the cleanliness and respect of the Naira. It is prohibited to spray, hawk, mutilate, or counterfeit the Naira. It’s not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation” he said
Speaking earlier, the Branch Manager of the CBN in Lafia Mrs Njidoka Nwabukwu says the bank has strengthened its policy framework through the national financial inclusion strategy and, more recently (in June 2026), launches the payments system vision 2028, which seeks to build a secure, innovative, interoperable, and inclusive payments ecosystem for all Nigerians.
“These achievements are commendable, but they are only milestones on a longer journey, and to again greater traction, we must continue to expand digital payment infrastructure in rural and undeserved communities, improve financial and digital literacy, strengthen cyber security and consumer protection
“Support innovation in payment systems, and encourage greater adoption of digital payment channels by small businesses, women, youth, farmers, and micro-enterprises” she said
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