Cardoso Briefs Senate on CBN Economic Progress in H1 2026

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, on Wednesday presented the Bank’s First Half (H1) 2026 statutory briefing to the Senate Committee on Banking, Insurance and Other Financial Institutions.

Cardoso, while briefing the committee, highlighted the CBN’s major achievements during the first half of the year, including sustained progress in inflation moderation, foreign exchange market stability, external reserve accumulation, banking sector resilience, and market infrastructure reforms.

He described the successful conclusion of the Banking Sector Recapitalisation Programme as a significant milestone that has strengthened the resilience, capacity, and competitiveness of Nigeria’s banking industry.

The CBN Governor reaffirmed the Bank’s commitment to restoring price stability and achieving single-digit inflation over the medium term through evidence-based monetary policy and improved policy transmission.

According to him, the Bank’s priorities for the second half of 2026 include post-recapitalisation supervision, deeper foreign exchange market reforms, inflation targeting, implementation of the Payments System Vision 2028, cybersecurity, and safeguarding financial system stability.

Cardoso expressed optimism about Nigeria’s economic outlook, stressing that the CBN would continue to make evidence-based decisions guided by its statutory mandate and focused on the long-term interests of Nigerians.

Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, commended the CBN for its efforts in ensuring stability in the foreign exchange market, improving liquidity, and reducing market distortions.