Cardoso: Recognition validates Bank’s pursuit of macroeconomic stability
ABUJA, Nigeria – The Central Bank of Nigeria (CBN) has been honoured with the Nigerian Economic Society (NES) Distinguished Organisation Award, in recognition of its far-reaching institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development.
The award was presented during the 67th Annual Conference of the Nigerian Economic Society, held in Abuja from September 7 to 10, 2026. The Director of the Monetary Policy Department at the CBN, Dr. Victor Oboh, received the award on behalf of the Governor of the Central Bank, Mr. Olayemi Cardoso.
The recognition comes after a series of reforms introduced by the apex bank over the past three years across Nigeria’s monetary, foreign exchange, and financial sectors. According to the organisers, these policy initiatives have played a significant role in strengthening economic stability and restoring confidence in the country’s financial system.
Among the reforms highlighted were the liberalisation and restructuring of the foreign exchange market, the clearance of longstanding foreign exchange obligations, the discontinuation of Ways and Means financing to the Federal Government, the rollout of the Payment System Vision 2028, and the ongoing recapitalisation of Nigeria’s banking industry aimed at creating a stronger, more resilient, and globally competitive financial sector.
The Nigerian Economic Society noted that the reforms have contributed to improvements in key macroeconomic indicators, including easing inflationary pressures, strengthening Nigeria’s external reserves, and improving stability in the foreign exchange market.
The Society also observed that the gap between the official and parallel foreign exchange markets has narrowed to less than two per cent, while remittance inflows, foreign capital inflows, and investor confidence have recorded notable improvements.
The Central Bank attributed these developments to sustained policy measures designed to restore confidence in the Nigerian economy, strengthen monetary policy effectiveness, and reinforce the resilience of the country’s financial system.
The latest honour follows the CBN’s recent recognition as Global Central Bank of the Year, further reinforcing both domestic and international acknowledgement of the institution’s ongoing reform agenda and policy direction.
Speaking on the award, CBN Governor Olayemi Cardoso described the recognition as a validation of the Bank’s commitment to institutional excellence and national development.
“The Distinguished Organisation Award is a testament to the Central Bank of Nigeria’s unwavering pursuit of excellence, institutional resilience, and commitment to national development,” Cardoso said.
He added that the recognition further strengthens the Bank’s resolve to pursue policies that promote macroeconomic stability, enhance the resilience of Nigeria’s financial system, and support sustainable economic growth.
“As it continues to implement reforms and innovate to fulfil its mandate, the CBN remains firmly committed to building a stronger economy and a brighter future for Nigeria,” he stated.
The award underscores growing recognition of the Central Bank’s reform programme and its efforts to reposition Nigeria’s economy through sound monetary policy, financial sector reforms, and strengthened institutional governance.
Source: Central Bank of Nigeria (CBN)
