The Deputy Governor of the Central Bank of Nigeria (CBN), Ms Emem Usoro, outline the bank’s recent achievements and the need for tighter collaboration between monetary and fiscal authorities.
Usoro disclosed this in her opening keynote address at the two‑day Seminar for Finance Correspondents and Business Editors in Lagos.
In her address titled “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” Ms Usoro said “It is my great honour to deliver the keynote address at this important seminar. The CBN values platforms like this, as they support our commitment to learning, knowledge‑sharing and effective communication of our policies and programmes.”
She recalled the difficult macroeconomic environment two years ago when the CBN new management team, led by Governor Olayemi Cardoso, took office: “When the Governor assumed office two years ago, inflation was high, the naira was unstable due to forex scarcity, external reserves and oil receipts were low, and the economy faced significant FX backlogs and dependence on ways‑and‑means financing.”
Guided by “strong and transparent leadership,” the Bank implemented “well‑sequenced and compliance‑driven measures, including orthodox monetary policies, strengthened corporate governance, and the ongoing bank recapitalisation programme,” Ms Usoro explained.
The results, she said, are already visible:
– Inflation has fallen to 16.05 %,
– The exchange rate is stable below ₦1,500/$ with minimal volatility.
– External reserves now exceed $46 billion providing more than 10 months of import cover.
– Lending rates are trending lower as inflation eases.
Emphasising the media’s role, she added “Effective communication strengthens public understanding and supports successful policy outcomes.”
Looking ahead, Ms Usoro warned that “more work is required to improve macroeconomic fundamentals and the standard of living for Nigerians,” and called for stronger partnerships among policymakers, regulators, and the press.
She concluded by thanking the organisers and participants, expressing confidence that the seminar would yield actionable takeaways to “better align our policies, enhance policy outcomes, and ultimately improve the overall well‑being of our beloved country, Nigeria.”
