Cardoso: NES Award Validates CBN’s Reforms, Commitment to Macroeconomic Stability

Nume Ekeghe The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described the Nigerian Economic Society’s (NES) Distinguished Organisation Award as a validation of the apex bank’s reforms and its pursuit of macroeconomic stability. The award was presented to the CBN at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10, 2026 and was received by Director, Monetary Policy Department at the CBN, Dr. Victor Oboh. The recognition comes amid a series of reforms undertaken by the apex bank across the monetary, foreign exchange and financial sectors over the past three years. Among the measures highlighted by the NES were reforms to the foreign exchange market, clearance of longstanding foreign exchange obligations, cessation of Ways and Means financing to the federal government, implementation of the Payment System Vision 2028 and the recapitalisation of the banking industry. The measures, according to the society, were aimed at creating a stronger, more resilient and globally competitive financial system. The NES also noted improvements in key macroeconomic indicators, including easing inflationary pressures, strengthening external reserves and greater stability in the foreign exchange market. It said the premium between the official and parallel foreign exchange markets had narrowed to less than two per cent, while remittances, capital inflows and investor confidence had improved. The CBN attributed the developments to its ongoing policy measures aimed at restoring confidence in the economy and strengthening the country’s monetary and financial system. The NES recognition follows the CBN’s recent emergence as Global Central Bank of the Year, further highlighting recognition of its reform programme and policy initiatives. Speaking on the award, Cardoso described it as an endorsement of the CBN’s commitment to excellence, institutional resilience 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,” the governor said. He added that the award reinforced the bank’s commitment to macroeconomic stability, a stronger financial system and 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,” Cardoso said.