CBN Unveils Economic Revival Plan as Inflation Eases, Reserves Surge to $50bn‎‎ By Clem Aguiyi ESQ

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‎The Central Bank of Nigeria (CBN) has hinted at a gradual economic turnaround, crediting its monetary and financial sector reforms for the notable improvements in inflation, foreign reserves, and investor confidence. Speaking through its Acting Director of Corporate Communications and Investor Relations, Sidi Hakama, the apex bank outlined significant progress since the implementation of its policies.
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‎Key highlights include a drop in headline inflation from a peak of 34.8% in late 2024 to 15.06% by February 2026, alongside a substantial boost in external reserves from under $10 billion to $50.45 billion. Capital inflows have also skyrocketed, increasing nearly 200% between 2023 and 2025, driven largely by reforms led by CBN Governor Olayemi Cardoso, particularly a more transparent foreign exchange regime.
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‎”The introduction of the new FX manual has removed restrictive capital controls, simplified trade and investment procedures, and increased market liquidity,” Hakama explained. The CBN is also adopting an inflation-targeting framework to ensure sustained price stability, marking a shift towards a forward-looking, rules-based monetary policy system.
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‎The banking sector is also witnessing significant changes, with 32 banks meeting new capital requirements as of March 17, and about 28% of recapitalisation investments coming from foreign sources. This renewed confidence in Nigeria’s financial system has earned the CBN international recognition, including the Central Bank of the Year 2026 Award.
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‎However, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Nnanyelugo Onyemelukwe, cautioned that high interest rates could undermine these gains, stressing the need for single-digit borrowing costs to improve access to credit and boost productivity and GDP. The CBN’s reforms, according to Hakama, underscore its commitment to stabilising the economy, enhancing investor confidence, and driving sustainable growth for Nigeria.