Nigeria’s ongoing economic reforms are showing clear signs of success, with improvements recorded across inflation, exchange rates, and external reserves. This affirmation came from the Deputy Governor of the Central Bank of Nigeria (CBN), Corporate Services Directorate, Ms. Emem Usoro, during the 2025 Seminar for Finance Correspondents and Business Editors, held today at The Providence Hotel, Oba Akinjobi Street, Ikeja, Lagos.
Ms. Usoro, who was represented by the Acting Director of Corporate Communications, Ms. Hakama Sidi Ali, said the seminar’s theme, “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” was timely, especially as Nigeria continues to strengthen its macroeconomic framework.
She recalled that when the CBN Governor, Mr. Olayemi Cardoso, and his management team assumed office two years ago, they met a fragile economy battling high inflation, severe forex scarcity, volatile exchange rates, low external reserves, and heavy reliance on Ways and Means financing from the government. These challenges, she noted, placed immense pressure on the financial system and demanded urgent policy reforms.
“Under strong and transparent leadership, the Bank implemented well-sequenced and disciplined monetary measures that restored stability and rebuilt confidence in the system,” she stated on behalf of Ms. Usoro.
She highlighted key macroeconomic gains that have emerged from these reforms:
- Inflation has declined to 16.05%.
- The naira has stabilised below ₦1,500 per US dollar with significantly reduced volatility.
- External reserves now stand at over $46 billion, providing more than 10 months of import cover—one of the strongest reserve positions in recent years.
- Lending rates are beginning to moderate as inflation continues on a downward trajectory.
Ms. Usoro said these achievements reflect the commitment of the CBN leadership and the importance of effective communication in enhancing public understanding of economic reforms. She emphasised that journalists play a crucial role in shaping perceptions, promoting transparency, and helping the public appreciate the long-term benefits of the policies being implemented.
Despite the progress, she noted that more work lies ahead. Strengthening macroeconomic fundamentals, improving regulatory resilience, and raising Nigerians’ standard of living require continued alignment between fiscal and monetary authorities.
“Policy coordination promotes credibility, transparency, and better outcomes for Nigerians, especially as digital finance and technological innovation reshape the financial landscape,” she added.
She expressed appreciation to the organisers — particularly the CBN Corporate Communications Department — for ensuring the success of the seminar and sustaining its relevance over the years. She also thanked financial correspondents and business editors for their professionalism and partnership in communicating economic policies to the public.
The CBN Deputy Governor concluded by expressing confidence that the discussions at the seminar would generate actionable recommendations to further enhance policy synergy and support sustainable national development.
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The Bank will carefully analyse and consider all recommendations arising from your deliberations,” she assured participants.
The seminar ended with renewed commitment from both the CBN and the media to strengthen collaboration in shaping credible and transparent economic discourse.
Speaking at The Providence Hotel in Ikeja, Lagos, CBN Deputy Governor Emem Usoro says Nigeria’s economic reforms are yielding results as inflation falls, the naira stabilises, and external reserves rise. Full report from the 2025 Finance Correspondents’ Seminar.
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