The Centre for Economic Growth and Monetary Reforms (CEGMR) has commended the Central Bank of Nigeria (CBN) for what it described as a disciplined and effective monetary policy approach that is beginning to yield tangible economic results for the country.
In a statement signed by its Executive Director, Dr. Mary Odoma, the group expressed strong satisfaction with the direction of policies under the leadership of CBN Governor, Olayemi Cardoso, noting that the era of monetary disorder was giving way to renewed stability and investor confidence.
Dr. Odoma highlighted recent improvements in key economic indicators, including a modest slowdown in inflation, the recovery of Nigeria’s foreign reserves, and signs of renewed foreign investment interest.
“We commend the CBN governor for maintaining a steady course, especially through difficult transitions. His consistent messaging and commitment to orthodox monetary policy are now yielding measurable progress,” she said.
According to the latest data from the National Bureau of Statistics, Nigeria’s inflation rate dropped to 23.71% in April 2025 from 24.23% in March.
While seemingly modest, the CEGMR described the decline, especially in food and core inflation, as a significant milestone in light of prolonged cost-of-living pressures.
“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience.
“Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Dr. Odoma stated.
The group also praised the CBN’s success in rebuilding external reserves, which have recently surpassed $38.9 billion.
It described this as a clear indicator of restored confidence in Nigeria’s macroeconomic management.
“This signals restored credibility, and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she added.
CEGMR credited the improvement to recent foreign exchange reforms, tightened monetary policy, and a reduction in short-term obligations by the CBN.
“This is a marked departure from past interventions that drained reserves without tackling structural issues. The new CBN leadership is prioritizing sustainability over optics,” the statement read.
The group also pointed to international credit rating upgrades and positive GDP forecasts as proof that the global financial community is taking note of Nigeria’s progress under Cardoso.
“With GDP projected to grow by over 4% this year, the signals are promising. But they must be protected. Policy consistency must be preserved,” Dr. Odoma warned.
She further lauded the governor’s emphasis on data-driven policymaking, transparency, and clear communication, describing them as the hallmarks of a central bank regaining its rightful stabilising role.
“Cardoso is returning the CBN to its core mandate, anchored in research, sound judgment, and accountability. This is what had been missing in recent years,” she said.
However, CEGMR cautioned that these early gains must be consolidated through collaboration with fiscal authorities, especially in tackling structural problems like food insecurity, unreliable energy supply, and insecurity affecting production.
“Inflation isn’t only a monetary issue. Structural constraints must be addressed. But now, at least, we have a monetary policy foundation that makes progress possible,” the group stated.
CEGMR also urged the CBN not to succumb to populist pressures for early interest rate cuts, warning that such a move could undermine recent progress.
“A premature rate cut would undo the credibility that has taken months to build. The Bank must be allowed to consolidate its gains and guide the economy toward sustained stability.”
The group concluded by calling on the National Assembly and political leaders to respect the independence of the CBN and support its reform agenda.
“The CBN’s performance under Cardoso has restored hope in responsible macroeconomic management. For the first time in years, Nigerians are beginning to see a glimmer of economic order return. That alone is worth applauding,” Dr. Odoma declared.
