From Crisis to Recovery: How the CBN’s “Bold Reset” Reshaped Nigeria’s 2026 Economy

The Central Bank of Nigeria (CBN) is charting a measured path to economic recovery, crediting its sweeping monetary and banking overhaul with driving down inflation, bolstering foreign reserves, and reigniting investor trust.

Speaking during the CBN Special Day at the 37th Enugu International Trade Fair on Friday, Sidi Hakama, Acting Director of Corporate Communications and Investor Relations, confirmed that the bank’s initiatives are delivering clear, measurable progress across key indicators.

“Headline inflation has declined from a peak of 34.8 per cent in late 2024 to 15.06 per cent by the end of February 2026,” Hakama stated, underscoring the effectiveness of targeted price-stabilisation measures.

She added that these reforms under Governor Olayemi Cardoso have also triggered a surge in capital inflows, lifting external reserves dramatically from below $10 billion to $50.45 billion.

“Capital and investment inflows increased nearly 200 per cent between 2023 and 2025,” Hakama continued, attributing the gains to a more transparent foreign-exchange regime.

“The new FX manual removes restrictive capital controls and simplifies trade and investment procedures, increasing liquidity in the market.”

Hakama further revealed that the apex bank is shifting to a full inflation-targeting framework aimed at locking in price stability for the long term.

“This represents a significant shift toward a forward-looking, rules-based monetary policy system anchored in long-term price stability,” she explained. “It will help shape market expectations and cushion the economy from shocks.”

On the banking front, Hakama reported strong momentum in the ongoing recapitalisation drive, which must conclude by the March 31, 2026 deadline.

“As of March 17, 32 banks have met new capital requirements, with about 28 per cent of recapitalisation investments coming from foreign sources,” she noted. “This reflects renewed confidence in Nigeria’s financial system.”

The CBN’s transformative policies have also drawn global acclaim, with the bank winning the prestigious Central Bank of the Year 2026 Award.

Nnanyelugo Onyemelukwe, President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, praised the reforms for restoring faith in the financial system but warned that elevated borrowing costs could still derail momentum.

Although the Monetary Policy Rate was recently cut from 27.0 per cent to 26.5 per cent, he stressed that rates must fall into single digits to unlock affordable credit, lift productivity, and accelerate GDP growth.

Hakama said the CBN’s reforms demonstrate a clear commitment to stabilising the economy, enhancing investor confidence, and ensuring sustainable growth for Nigeria.