Despite fall in economic  pressures , tough reforms still required – CBN

Barbara Bako, Abuja.

The Central Bank of Nigeria (CBN) has warned that despite notable improvements in key economic indicators, Nigeria must continue with tough but necessary reforms to strengthen macroeconomic fundamentals and improve living standards.…

Deputy Governor, Corporate Services, Ms. Emem Usoro, made the remarks in Lagos while outlining progress recorded under Governor Olayemi Cardoso’s administration.

She noted that inflation has eased to 16.05 percent, the naira has stabilised below N1,500 to the dollar with minimal volatility, and external reserves have risen above $46 billion, giving more than 10 months of import cover.

Represented by the Acting Director, Corporate Communications, Usoro recalled that the Cardoso-led management inherited a challenging environment of high inflation, unstable exchange rates, depleted reserves and heavy reliance on ways and means financing.

She said the improvements followed the CBN’s adoption of orthodox monetary policies, strengthened corporate governance and the ongoing bank recapitalisation programme, all of which align with the Federal Government’s reform agenda.

“These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team,” she said, noting the importance of clear public communication by the media to build understanding and support for ongoing reforms.

Usoro, however, cautioned that more work lies ahead to achieve lasting stability.

She stressed the need for closer coordination among policymakers to ensure resilience, particularly as technology and digital finance continue to expand.

“Better coordination promotes transparency, accountability, policy discipline and credibility, leading to improved economic outcomes,” she added, urging the media to continue explaining policies clearly and accurately to citizens.

The Deputy Governor thanked the organisers of the seminar, particularly the Corporate Communications Department of the CBN, and commended participants for contributing to public understanding of economic reforms.

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She expressed hope that the seminar would generate actionable recommendations to strengthen collaboration between fiscal and monetary authorities, improve policy outcomes and enhance the overall well-being of Nigerians.