The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has reaffirmed the Bank's commitment to restoring price stability and achieving single-digit inflation over the medium term, as he presented the CBN's First Half (H1) 2026 Statutory Briefing to the Senate Committee on Banking, Insurance and Other Financial Institutions.
During the briefing held on Wednesday, July 22, 2026, Cardoso highlighted significant progress recorded by the apex bank in the first six months of the year. He noted sustained moderation in inflation, improved stability in the foreign exchange market, growth in Nigeria's external reserves, resilience of the banking sector, and reforms aimed at strengthening the country's financial market infrastructure.
The CBN Governor described the successful completion of the Banking Sector Recapitalisation Programme as one of the Bank's most notable achievements, saying the exercise has significantly enhanced the resilience, lending capacity and global competitiveness of Nigeria's banking industry.
Looking ahead, Cardoso outlined the Bank's strategic priorities for the second half of 2026. These include strengthening post-recapitalisation supervision of banks, deepening foreign exchange market reforms, advancing inflation-targeting measures, implementing the Payments System Vision 2028, enhancing cybersecurity frameworks and safeguarding overall financial system stability.
He assured lawmakers that the CBN would continue to make evidence-based monetary policy decisions in line with its statutory mandate, stressing that all interventions would remain focused on promoting sustainable economic growth and protecting the long-term interests of Nigerians.
Cardoso also expressed optimism about the country's economic outlook, noting that ongoing reforms are laying a stronger foundation for macroeconomic stability and increased investor confidence.
Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, commended the Central Bank for its efforts in stabilising the foreign exchange market, improving liquidity and reducing market distortions, while expressing confidence in the Bank's continued pursuit of sound monetary and financial sector reforms.
The statutory briefing forms part of the Central Bank's accountability framework, providing lawmakers with updates on monetary policy implementation, financial sector developments and the overall performance of the Nigerian economy.