Central Bank of Nigeria reiterates commitment to reform drive and economic stability at IMF Spring Meetings

By:  Kanto Kai Okanta

The Central Bank of Nigeria has reiterated its commitment to sustaining ongoing economic reforms and strengthening macroeconomic stability following the conclusion of the 2026 Spring Meetings of the International Monetary Fund and World Bank in Washington, D.C.

Governor Olayemi Cardoso addressed Nigerian journalists at the end of the meetings, stating that the Central Bank of Nigeria (CBN) remains focused on consolidating recent gains, reinforcing institutional capacity, and ensuring long-term economic stability.

He noted that Nigeria demonstrated strong leadership during the meetings, reaffirming its commitment to reforms aimed at promoting stability, growth, and economic opportunity. According to him, despite global economic uncertainties, Nigeria’s reform trajectory continues to stand out, with policy measures contributing to naira stability, increased foreign reserves, and improved investor confidence and capital inflows.

Governor Cardoso highlighted that ongoing reforms are yielding measurable results, including lower inflation, more stable foreign exchange markets, and stronger monetary policy outcomes that are laying the foundation for sustained growth.

He also underscored Nigeria’s role in advancing regional financial integration, noting that the country is set to host the African Monetary Institute in Abuja, which is expected to support deeper monetary cooperation across the continent.

On financial sector reforms, the Governor referenced the recent banking recapitalisation exercise, which raised 4.65 trillion naira, attracting strong participation from both domestic and foreign investors. He said the outcome reflects growing confidence in Nigeria’s financial system.

Cardoso further stated that the Central Bank’s target of 1 billion US dollars in monthly diaspora remittances by the end of 2026 remains on track, urging commercial banks to leverage existing reforms to improve access and efficiency for Nigerians in the diaspora.

He added that Nigeria’s foreign exchange market is now more market-driven and sufficiently liquid, allowing it to operate with greater autonomy and stability.

The Governor also highlighted the Central Bank’s partnership with IMF’s AFRITAC West II, emphasizing ongoing efforts to strengthen human capital development and institutional capacity as key pillars for sustainable economic management.