Nigeria TV Info

CBN Tells Senate: Nigeria’s Economy Now in Its Most Stable Recovery Phase in Over a Decade

The Central Bank of Nigeria (CBN) on Thursday told the Senate that Nigeria’s economic recovery has entered its most stable, promising, and resilient phase in more than ten years — driven by renewed investor confidence, a historic rebound in foreign reserves, sustained disinflation, and an unprecedented convergence of the foreign-exchange market.

Speaking before the Senate Committee on Banking, Insurance and Other Financial Institutions in Abuja, CBN Governor Olayemi Cardoso said bold monetary and FX reforms introduced since mid-2025 have firmly anchored a macroeconomic turnaround now attracting international recognition.

Cardoso explained that the policy shift restored transparency, reduced distortions in the FX window, and strengthened Nigeria’s credibility among global financial institutions.

Senate Demands Full Transparency on CBN Surplus Query

The session opened with a strong call for accountability as committee chairman, Senator Tokunbo Abiru, demanded full clarification on the Auditor-General’s report alleging the non-remittance of ₦1.44 trillion in the CBN’s operating surplus for 2022.

Abiru commended the apex bank for stabilising the FX market and moderating inflation to its lowest level in years, describing the progress as “historic and commendable.”

However, he stressed that public confidence in monetary governance depends on absolute transparency, particularly regarding the controversial surplus figures.

He warned that economic reforms, no matter how successful, must be backed by strong institutional accountability.