Olayemi Cardoso’s Three Years and the Pursuit of Price Stability
EDGY OPTIMIST BY Obinna Chima The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, this Tuesday marked his third year in office. Cardoso was appointed CBN Governor
Olayemi Cardoso has been serving as the Governor of the Central Bank of Nigeria (CBN) for the past three years as of September 2026. Appointed on September 15, 2023, and confirmed by the Senate on September 26, 2023, Cardoso's tenure has witnessed significant progress in various fronts.
Under his leadership, the CBN has implemented measures to enhance market transparency, improve financial stability, foster a secure investment environment, and transition towards a market-driven exchange rate regime. The pursuit of price and exchange rate stability, the bedrock of a sound economy, appears to be yielding positive results. Stable prices and exchange rates enable businesses to plan better, make investment decisions confidently, and manage costs efficiently, ultimately supporting higher economic output.
Cardoso has maintained a hawkish monetary policy stance to combat inflation, aiming to curb excessive money supply, especially as the country approaches another election cycle. The Consumer Price Index (CPI), which had spiked following major economic adjustments in 2023 and 2024, has shown a downward trend. In August 2026, headline inflation stood at 15.39 percent, down from 23.1 percent at the beginning of the rebased CPI series in 2025.
Upon taking office, Cardoso faced severe distortions in the naira, including multiple exchange-rate windows, limited liquidity, and considerable uncertainty over access to foreign exchange. To address these issues, the CBN introduced various measures, such as shifting towards a willing-buyer, willing-seller system, clearing verified forex obligations, and tightening oversight of the Bureau de Change segment.
The introduction of the Nigerian Foreign Exchange Code (FX Code) and the Electronic Foreign Exchange Matching System (EFEMS) aimed to reduce arbitrage and restore confidence in the forex market.
Remittance inflows through International Money Transfer Operators (IMTOs) have reached a record $947 million in July 2026, bringing the country close to the $1 billion monthly milestone set by Cardoso's leadership. Remittance inflows through IMTOs also increased by 50.2 percent to $3.8 billion in the first seven months of 2026 compared to the same period in 2025.
Cardoso's three-year tenure has also seen a positive shift in Nigeria's international perception. The country has received favorable signals from international credit-rating agencies. For instance, JP Morgan included Nigerian government bonds in its Government Bond Index – Emerging Markets Edge after an 11-year hiatus. S&P Global Ratings upgraded Nigeria's sovereign rating to B from B-, while Fitch Ratings affirmed the country's B rating with a stable outlook.
These developments indicate that Cardoso's reforms are enhancing Nigeria's standing in international financial markets.
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