CBN, Cardoso get commendation amid drop in inflation, reserves boost

The Centre for Economic Growth and Monetary Reforms (CEGMR) has commended the Central Bank of Nigeria (CBN) for its disciplined monetary policy, noting that the approach is beginning to yield positive results for the Nigerian economy.

In a statement signed by its Executive Director, Dr. Mary Odoma, the group praised CBN Governor Olayemi Cardoso for maintaining policy consistency despite economic headwinds, describing his leadership as a stabilising force.

“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,” Odoma said.

According to recent data from the National Bureau of Statistics (NBS), Nigeria’s inflation rate declined to 23.71% in April 2025, from 24.23% in March. CEGMR described the trend, particularly in food and core inflation, as a significant milestone amid rising living costs.

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“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience,” she added.

The group also highlighted a rebound in Nigeria’s foreign reserves, which recently surpassed $38.9 billion, calling it a sign of improved macroeconomic management and restored credibility.

“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,” Odoma noted.

She credited the gains to FX reforms, reduced CBN liabilities, and a focus on long-term sustainability over cosmetic interventions.

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CEGMR further pointed to improving investor sentiment, citing recent international ratings upgrades and projections of over 4% GDP growth in 2025.

“With GDP projected to grow by over 4 percent this year, the signals are promising. But they must be protected. Policy consistency must be preserved.”

While praising the CBN’s transparency and data-driven approach, the group urged fiscal authorities to complement monetary efforts by tackling structural issues such as food insecurity, power supply, and insecurity.

“Inflation isn’t only a monetary issue. Structural problems must also be addressed. But at least now we have a monetary policy foundation that makes progress possible,” she said.

Odoma also warned against premature interest rate cuts, noting that they could undermine months of credibility-building.

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“The Bank must be allowed to consolidate its gains and guide the economy toward lower inflation without risking a relapse.”

She concluded by calling on political leaders to support the CBN’s autonomy and maintain the momentum of reform.

“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.”