The Centre for the Promotion of Private Enterprise (CPPE) has lauded the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, for key economic gains recorded under his leadership over the past two years, including naira stability, improved foreign exchange (FX) transparency, and a slowdown in inflation.
In a statement on Sunday, CPPE’s director, Muda Yusuf, said the apex bank under Cardoso has implemented sweeping reforms aimed at restoring investor confidence, strengthening governance, and repositioning Nigeria’s financial system to drive inclusive and sustainable growth.
“One of the most significant reforms under Mr Cardoso has been the liberalisation and unification of the foreign exchange market, including the elimination of multiple FX windows and reduced opportunities for arbitrage and corruption,” CPPE noted.
According to the think tank, these measures have boosted liquidity, improved price discovery, and enhanced credibility in Nigeria’s FX market. It added that monetary policy tools—such as interest rate adjustments, liquidity management, and structural reforms—have helped ease inflationary pressures and restore macroeconomic stability.
However, CPPE urged the CBN to begin a gradual relaxation of its tight monetary stance, calling for a review of the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to stimulate lending and support economic growth.
“Balance price stability with growth, gradual easing, and calibrate CRR and MPR downward as inflation moderates to create a more enabling credit environment; complement monetary tightening with supply-side measures to address structural inflation drivers,” the group advised.
President Bola Tinubu appointed Cardoso as CBN governor in September 2023. Since then, interest rates have fallen from 26.72% in 2023 to 21.12% as of August 2025. However, the liberalisation of the naira has seen the FX rate rise from around ₦788/$ in September 2023 to ₦1,487.90/$ as of September 2025.
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