By Anita Dennis
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to sustaining far-reaching reforms aimed at stabilising the economy, strengthening resilience and restoring investor confidence, as early indicators point to improving macroeconomic conditions.
Speaking at the 37th Enugu International Trade Fair, the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi Ali, said that the bank’s policy measures are beginning to yield measurable results. The event, themed “Empowering MSMEs for Global Competitiveness,” underscored the central role of small businesses in Nigeria’s growth strategy.
Hakama described Micro, Small and Medium Enterprises (MSMEs) as critical drivers of job creation, capacity building and economic resilience, aligning the Bank’s reforms with broader efforts to support sustainable growth.
She highlighted key policy shifts under the leadership of the Governor of CBN, Mr. Olayemi Cardoso, particularly reforms in the foreign exchange market. According to her, these include improved transparency, enhanced liquidity and a simplified framework for trade and investment.
“The apex bank is developing a new Payments System Vision to position Nigeria as a regional leader in digital and cross-border payments,” she said.
On the banking sector, Hakama noted that the ongoing recapitalisation exercise, expected to conclude by March 31, 2026, is progressing steadily. She disclosed that 32 banks have already met the new capital requirements, with about 28 percent of recapitalisation funds sourced from foreign investors, reflecting renewed confidence in the financial system.
She further explained that the CBN is transitioning to an inflation-targeting framework designed to ensure long-term price stability through a more transparent and forward-looking monetary policy approach.
“The CBN is transitioning to an inflation-targeting framework aimed at ensuring long-term price stability through a more transparent and forward-looking monetary policy approach,” she said.
According to Hakama, these reforms have contributed to a sharp decline in headline inflation from 34.8 percent in late 2024 to 15.06 percent as of February 2026. She added that capital inflows have increased, while external reserves have risen to over 50 billion dollars.
“These reforms have strengthened monetary policy transmission, improved price discovery, and enhanced overall economic stability,” she said.
She also urged Nigerians to respect the naira, describing it as a symbol of national identity, and warned against practices such as mutilation, counterfeiting and spraying of the currency.
In his remarks, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Engr. Nnanyelugo Onyemelukwe, commended the CBN for reactivating trade fair platforms to enhance public awareness of its policies.
He described the initiative as a commendable step towards rebuilding business confidence and improving understanding of monetary policy.
