CBN targets stronger policy synergy as Usoro highlights economic gains

The Central Bank of Nigeria has reaffirmed its commitment to deeper collaboration with fiscal authorities to strengthen the nation’s financial system.

The Deputy Governor, Ms. Emem Usoro, made this known at the 2025 Seminar for Finance Correspondents and Business Editors in Abuja, describing the engagement as a crucial platform for enhancing policy communication and alignment.

Usoro said the CBN values platforms that support knowledge sharing and improve how the bank’s programmes are communicated to the public.

Reflecting on the CBN’s journey over the past two years under Governor Olayemi Cardoso, the Deputy Governor noted that the macroeconomic landscape was fraught with severe challenges, including high inflation, unstable exchange rates, low external reserves, and significant foreign exchange backlogs.

She said these pressures exposed deep vulnerabilities within the financial system and underscored the urgency of comprehensive reforms.

The Deputy Governor highlighted that the CBN responded with decisive, transparent, and compliance-driven measures, ranging from a return to orthodox monetary policy to strengthened corporate governance and the ongoing bank recapitalisation exercise.

According to Usoro, these interventions, implemented alongside the Federal Government’s broader reform agenda, have contributed to improving key macroeconomic indicators and restoring confidence in the economy.

She pointed to significant economic gains recorded in recent months. Inflation, she revealed, has dropped to 16.05 per cent, the naira has stabilised at below N1,500 to the dollar with minimal volatility, and external reserves have risen to over $46 billion, providing more than ten months of import cover.

“These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso,” she said, stressing the vital role of the media in communicating the progress of reforms.

Despite the improvements, Usoro emphasised that more work lies ahead in achieving better economic fundamentals and improving living standards for Nigerians.

She reiterated that strong coordination between monetary and fiscal authorities remains essential, especially as digital innovation accelerates and financial services rapidly evolve. Such synergy, she noted, fosters credibility, transparency, and policy discipline,factors critical to sustaining economic progress.

The Deputy Governor commended the Corporate Communications Department for organising the seminar and urged participants to develop practical recommendations to strengthen policy alignment.

She expressed optimism that the deliberations would yield actionable insights. “We will carefully analyse and aspire to implement the recommendations of your discussions,” she assured, adding that the bank is fully committed to ensuring that stakeholders remain well-informed about its policies and programmes.