The Centre for Economic Growth and Monetary Reforms, CEGMR, has hailed the Governor of the Central Bank of Nigeria, Olayemi, for his disciplined monetary policy stance, which has resulted in declining the country’s inflation and increasing external reserves.
The Executive Director, Mary Odoma, made this known in a statement released to Journalist on Monday.

Odoma noted that the recent slowdown in inflation, recovery in Nigeria’s foreign reserves, and renewed investor confidence were signs that the economy was stabilising after a prolonged period of volatility.

“We commend the CBN governor for maintaining a steady course, especially through difficult transitions. His consistent messaging and commitment to orthodox monetary policy are now yielding measurable progress,” she said.

According to the latest figures from the National Bureau of Statistics, Nigeria’s inflation rate fell to 23.71 percent in April 2025, down from 24.23 percent in March.

While the decline may appear modest, the Centre said the reversal of the inflationary trend—particularly in food and core inflation—was a major milestone, given the cost-of-living pressures households have faced over the past year.

“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Dr. Odoma said.

The CEGMR further pointed to the CBN’s efforts in rebuilding external reserves, which recently surged past $38.9 billion, marking a significant improvement in Nigeria’s macroeconomic fundamentals.

“This signals restored credibility and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she said.