By: Kanto
Kai Okanta
Nigeria’s headline inflation
declined to 14.63% in September 2026 from approximately 34.8% at the end of
2024, while the country’s external reserves exceeded $55 billion, an 18-year
high, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
Speaking at a press briefing
marking the conclusion of the 2026 International Monetary Fund (IMF) and World
Bank Annual Meetings in Bangkok, Thailand, on October 17, Cardoso highlighted
Nigeria’s progress in restoring macroeconomic stability, rebuilding confidence
and strengthening international financial partnerships.
He said formal remittance
inflows were approaching $1 billion monthly, while banks had mobilised ₦4.65
trillion in fresh capital, largely from domestic investors, through the banking
sector recapitalisation exercise.
These developments have been
accompanied by Fitch Ratings’ revision of Nigeria’s sovereign outlook from
Stable to Positive.
Reflecting on the Annual
Meetings, Cardoso pointed to bilateral discussions held with Finance Minister
and Coordinating Minister of the Economy Taiwo Oyedele, IMF First Deputy
Managing Director Dan Katz and World Bank Group President Ajay Banga.
He also highlighted
engagements with leading credit rating agencies and his participation in global
policy discussions on economic resilience, monetary policy and artificial
intelligence.
The CBN governor further
outlined efforts to deepen Nigeria’s financial connectivity with Asia,
including recent engagements in Singapore and a meeting with the Governor of
the People’s Bank of China to discuss cross-border payments, financial
technology and trade finance, ahead of a visit to Beijing.
Looking ahead, Cardoso
reaffirmed the CBN’s commitment to sustaining disinflation, maintaining
monetary and financial stability, and developing a deeper, more internationally
connected financial system, with single-digit inflation remaining the medium-term
objective.
“We came to Bangkok with
evidence of Nigeria’s progress and leave with stronger international
relationships and a clearer understanding of the opportunities ahead,” Cardoso
said.
