In a positive turn for Nigeria’s economy, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso announced that ongoing monetary policies have successfully halved the month-on-month inflation rate.

Speaking at the Businessday CEO Forum in Lagos, Cardoso highlighted the significant impact of the CBN’s recent measures. “Between February and May of this year, the month-on-month rates of inflation have halved, indicating that the right policies are being implemented,” he stated.

Cardoso also emphasized the importance of the ongoing recapitalisation process, which aims to build a resilient banking sector capable of withstanding future economic shocks. He noted that this process would enhance the banking sector’s contribution to Nigeria’s Gross Domestic Product (GDP) and provide a more stable economic outlook.

The CBN governor reassured stakeholders that the recapitalisation process was designed to be gradual, giving banks ample time to adjust. “We are looking to build a better, stronger, and more resilient banking system, and that is not something we want to rush,” Cardoso explained.

Addressing the volatility in the foreign exchange market, Cardoso mentioned that stakeholders were beginning to see stability, which is crucial for averting future economic disruptions. He reiterated the CBN’s commitment to creating a transparent market environment that allows fair determination of exchange rates.

As Nigeria continues to navigate tough economic times, Cardoso’s optimism provides a hopeful outlook for the country’s financial stability and growth.