The Centre for the Promotion of Private Enterprise (CPPE) has highlighted key economic gains achieved under the leadership of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso over the past two years. These include a more stable naira, improvements in the foreign exchange (FX) market, and a noticeable decline in inflation.
CPPE director Muda Yusuf made the announcement in a statement on Sunday, underscoring the broad reforms initiated by the CBN to restore market confidence, strengthen governance, and reposition Nigeria’s financial system for inclusive and sustainable economic growth.
Among the most impactful reforms, the think tank pointed to the liberalisation and unification of the FX market. This process involved eliminating multiple FX windows, reducing arbitrage opportunities, and curbing corruption, which collectively enhanced transparency and credibility in the foreign exchange market.
“Price discovery has significantly improved, enabling a more efficient allocation of foreign exchange resources,” the statement noted.
CPPE attributed the recent slowdown in inflation and the return of macroeconomic stability to a blend of monetary policy tools employed by the CBN, including interest rate adjustments, liquidity management, and market reforms.
Despite these achievements, CPPE recommended that the CBN consider easing the monetary policy rate (MPR) and cash reserve ratio (CRR) as inflation continues to moderate. The think tank stressed the importance of balancing price stability with economic growth, advocating for a gradual, calibrated approach to policy easing to foster a more conducive credit environment.
“Monetary tightening should be complemented with supply-side measures aimed at tackling structural inflation drivers,” CPPE advised.
Cardoso was appointed CBN governor in September 2023 by President Bola Ahmed Tinubu. Since then, interest rates have eased from 26.72% in September 2023 to 21.12% in August 2025. Meanwhile, the naira’s exchange rate against the dollar has shifted significantly, rising from around N788 per dollar in September 2023 to N1,487.90 as of September 2025, reflecting the effects of currency liberalisation.
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