Hardship Would be Worse Without Our Reforms – Cardoso

The Central Bank of Nigeria (CBN) says its reforms have cushioned the impact of global economic shocks, preventing Nigerians from experiencing more severe hardship.

CBN Governor Olayemi Cardoso made the remarks at the Spring Meetings of the World Bank/IMF in Washington DC, stressing that the bank’s Monetary Policy Committee (MPC) decisions are “data-driven, not emotional.”

Cardoso explained: “If we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful.”

Nigeria’s inflation rose to 15.38% in March 2026, reversing a year-long easing trend. Cardoso attributed the uptick to global disruptions from the US–Iran conflict, which pushed up energy, transport, and food costs.

He noted that the CBN had deliberately avoided easing rates too early, anticipating shocks.

“This underscores an important point: members of the MPC have access to data and insights not always visible to the public,” he said.

Cardoso reaffirmed the bank’s commitment to bringing inflation down to single digits, saying stability is beginning to take hold.

“We remain focused on resilience because it directly addresses the concerns of Nigerians,” he added.

Finance Minister Wale Edun echoed the message, saying Nigeria’s reforms are “durable and self-sustaining,” positioning the country to withstand external shocks.

He highlighted the adoption of a market-reflective FX regime and market-based petroleum pricing as key stabilising measures.

Edun said Nigeria’s reform programme has been widely commended by international partners, noting that it is strengthening economic fundamentals and restoring confidence amid global uncertainty.