The Central Bank of Nigeria (CBN) says ongoing monetary, financial and foreign exchange reforms are strengthening the Nigerian economy and improving investor confidence.
The Director, Stakeholder Engagement and Institutional Relations Department of the CBN, Mrs Hakama Sidi Ali, stated this on Tuesday at the CBN Special Day of the 21st Abuja International Trade Fair.
Ali said the reforms, implemented under the leadership of CBN Governor Olayemi Cardoso in collaboration with fiscal authorities, were aimed at improving macroeconomic stability, enhancing competitiveness and promoting sustainable economic growth.
She said the unification of the foreign exchange market had improved stability, strengthened investor confidence and reduced distortions in the market.
The CBN director also identified the Payments System Vision 2028, which seeks to position Nigeria as a regional leader in digital and cross-border payments, and the successful completion of the banking sector recapitalisation as key reforms undertaken by the Bank.
Ali said the reforms had contributed to the CBN receiving the Central Bank of the Year 2026 award.
She said the Bank had recently reduced the Monetary Policy Rate from 26.5 per cent to 23 per cent and recalibrated the Standing Facilities Corridor to +50/-300 basis points around the MPR.
According to her, the measures were designed to support productive activities while maintaining focus on reducing inflation to single digit from its current rate of 15.39 per cent.
Ali disclosed that Nigeria’s gross external reserves stood at more than $55 billion as of September 18, 2026, describing the figure as the highest in 18 years.
She attributed the increase to improved foreign exchange inflows driven by policies encouraging remittances, investments and greater participation in the formal financial system.
The CBN director said a stable macroeconomic environment was essential for resilient trade, as businesses were more likely to plan and invest when inflation was moderated, exchange rates were relatively stable and the financial system remained sound.
She expressed optimism that the ongoing reforms would put Nigeria on a path towards greater economic stability, increased competitiveness and sustainable growth.
Speaking earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, urged the CBN to strengthen initiatives that would improve Micro, Small and Medium Enterprises’ access to affordable and sustainable financing.
Obegolu said stronger collaboration among the CBN, financial institutions and the organised private sector would enable businesses to convert opportunities into sustainable enterprises, create jobs and contribute to economic growth.
He also called for increased support for agriculture, manufacturing, trade, technology and export-oriented businesses through targeted financing, credit guarantees, financial literacy and innovative funding mechanisms.
He said the ACCI remained committed to serving as a bridge between the CBN and the business community, stressing that Nigeria’s economic transformation required sustained partnership between government institutions and businesses.
