Cardoso’s CBN Reforms Drive Naira Stability, Inflation Drop — CPPE

|By Adejumo Adekunle

The Centre for the Promotion of Private Enterprise (CPPE) has hailed the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, for stabilising the naira, reforming the foreign exchange market, and curbing inflation during his two-year tenure.

In a statement on Sunday, CPPE director, Muda Yusuf, said Cardoso’s leadership has restored confidence in Nigeria’s financial system through bold reforms. He noted that the unification and liberalisation of the foreign exchange market stood out as the CBN’s most decisive step.

“Transparency and credibility have returned to the FX market. Liquidity has improved, institutional capacity has been strengthened, and financial stability has been reinforced,” Yusuf stated.

The CPPE added that through interest rate hikes, liquidity controls, and market reforms, the CBN slowed inflation and enhanced price discovery, reducing opportunities for arbitrage and corruption.

However, the think tank urged the apex bank to consider a downward review of the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to ease credit flow as inflation continues to moderate.

Cardoso, appointed by President Bola Tinubu in September 2023, has overseen interest rates drop to 21.12 per cent in August 2025 from 26.72 per cent. But the naira has depreciated from N788/$ in 2023 to N1,487.90/$ as of September 2025, reflecting the impact of currency liberalisation.