CBN Governor Outlines Economic Stabilization Strategy, Highlights July Policy Actions

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has reaffirmed the bank’s commitment to building a resilient economy through domestic policy consistency and strategic international partnerships. In his monthly economic update, Cardoso emphasized that “each month brings new opportunities to deepen stability, rebuild trust, and shape the kind of economy Nigerians deserve.”

The CBN chief outlined a dual approach focusing on “reinforcing our domestic financial core while forging strategic international partnerships,” noting that July’s activities reflected this strategy through concrete policy actions and global engagement.

Key Policy Decisions

At the 301st Monetary Policy Committee (MPC) meeting, members unanimously voted to maintain key parameters, keeping the Monetary Policy Rate steady at 27.5% and the Cash Reserve Ratio at 50% for Deposit Money Banks. Cardoso described this as “a deliberate decision, grounded in data and discipline,” aimed at allowing recent reforms to take full effect while maintaining price stability.

Legislative Collaboration

During a statutory briefing with the Senate Committee on Banking, Insurance & Other Financial Institutions, the Governor stressed the importance of institutional cooperation. “Strong institutions require legislative collaboration, not only to enact sound policy, but to preserve the public trust on which it depends,” he said.

Banking Sector Progress

The CBN reported significant strides in its banking recapitalization program, with eight banks already exceeding the minimum capital requirement ahead of the March 2026 deadline. Cardoso hailed this development as “a testament to the strength of our institutions and our collective commitment to a sound financial system.”

Engagement with Domestic Investors

At the recent Domestic Investors Summit, the Governor reiterated the CBN’s focus on creating a more responsive financial system. “Domestic investors have held the line through periods of uncertainty; their resilience deserves clarity, consistency, and deeper collaboration,” he stated. He also commended the Federal Ministry of Industry, Trade and Investment for facilitating the summit, emphasizing that “the lived experience of investors is essential to shaping policies that not only stabilize markets, but also unlock growth in the real economy.”

Cardoso concluded by reaffirming the CBN’s mandate to “strengthen the system, enable resilience, and stay anchored in service,” signaling continued policy stability in the months ahead.