The Centre for Economic Growth and Monetary Reforms (CEGMR) has commended the Governor of the Central Bank of Nigeria, Olayemi, for implementing disciplined monetary policies that have successfully reduced the country's inflation rate and increased external reserves.
In a statement released to BenriNews on Monday, CEGMR Executive Director Mary Odoma highlighted that recent economic indicators show the Nigerian economy is stabilizing after experiencing prolonged volatility.
"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," she stated.
Inflation Rate Decline
According to the latest figures from the National Bureau of Statistics, Nigeria's inflation rate decreased to 23.71 percent in April 2025, down from 24.23 percent in March. While this reduction may seem modest, the Centre emphasized that reversing the inflationary trend—particularly in food and core inflation—represents a significant milestone given the cost-of-living pressures Nigerian households have faced over the past year.
"Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN's resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter," Dr. Odoma explained.
External Reserves Improvement
The CEGMR also pointed to the CBN's successful efforts in rebuilding Nigeria's external reserves, which have recently surpassed $38.9 billion. This significant improvement in the country's macroeconomic fundamentals has helped restore credibility to the Nigerian economy.
"This signals restored credibility and helps anchor the naira against external shocks. 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 added.
The positive economic indicators come after a period of challenging economic conditions in Nigeria, suggesting that the CBN's orthodox monetary approach is beginning to yield tangible results for the economy.
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