The Central Bank of Nigeria has defended its recent policy decisions, stating that ongoing reforms have helped cushion the impact of global economic shocks on Nigerians.
CBN Governor Olayemi Cardoso made this known during the Spring Meetings of the World Bank and International Monetary Fund in Washington DC, where he emphasised that the apex bank’s Monetary Policy Committee decisions are guided strictly by data.
According to Cardoso, timely reforms prevented what could have been a far more severe economic outcome for the country.
“If we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful,” he said.
Nigeria’s inflation rate climbed to 15.38 percent in March 2026, reversing a prolonged period of gradual decline. The CBN governor attributed the increase to global pressures, particularly disruptions linked to tensions between the United States and Iran, which drove up energy, transportation, and food costs.
He noted that the central bank had deliberately resisted calls to ease monetary policy prematurely, anticipating external shocks that could destabilise the economy.
“This underscores an important point: members of the MPC have access to data and insights not always visible to the public,” Cardoso added.
Despite the inflationary pressures, the CBN reiterated its commitment to reducing inflation to single-digit levels, expressing confidence that economic stability is gradually taking hold.
“We remain focused on resilience because it directly addresses the concerns of Nigerians,” he said.
Also speaking, Minister of Finance Wale Edun said the country’s reform agenda is proving durable and self-sustaining, helping Nigeria navigate global economic uncertainties.
He highlighted key measures such as the adoption of a market-reflective foreign exchange regime and market-driven petroleum pricing, describing them as critical steps toward stabilising the economy.
Edun added that Nigeria’s reform programme has received positive feedback from international partners, noting that it is strengthening economic fundamentals and restoring investor confidence.
