Cardoso: Road to Winning Central Bank Governor of the Year

By Lawal Dahiru Mamman

In a truly fascinating and proud moment for Nigeria’s financial leadership, Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), was honoured as “Central Bank Governor of the Year” at the 2025 African Banker Awards.

The award, presented at the African Development Bank Annual Meetings in Abidjan, Côte d’Ivoire, affirms his far-reaching efforts in stabilising the economy, reforming the financial market, and restoring public confidence in Nigeria’s monetary system.

Cardoso’s recognition comes against the backdrop of intense global and domestic economic pressures, where many central banks have faltered. In contrast, the CBN under his stewardship has exhibited professional discipline, bold reforms, and a decisive break from past hesitations, a hallmarks of what analysts describe as a rare combination of technical mastery and policy courage.

Since assuming office, Cardoso has focused on correcting long-standing distortions in Nigeria’s financial system, particularly within the foreign exchange (FX) market. His administration has unified the multiple exchange rates that previously fragmented the economy and restored market-based FX pricing—decisions that were once avoided due to political and economic sensitivities.

These reforms have brought much-needed transparency to the FX regime, helped ease liquidity challenges, and begun to restore investor confidence in the Nigerian economy. The decisive stance on inflation control and a recalibrated monetary policy framework have also contributed to a more predictable and rules-based financial environment.

Unlike previous eras where ambiguity often defined CBN’s FX and monetary policy actions, Cardoso’s approach is anchored in clarity, professionalism, and macroeconomic fundamentals.

His tenure has brought a clear shift from erratic interventions to structured, data-driven decision-making, contrasting sharply with the “policy flip-flops and opaque practices of some past administrations.”

The African Banker Awards Committee praised Cardoso’s “bold and strategic” leadership, highlighting his ability to not just manage an economic crisis but to reset the fundamentals of financial governance.

This according to them includes restoring the credibility of Nigeria’s central banking institution and repositioning it as a transparent and independent economic regulator capable of standing toe-to-toe with global central banks.

No doubt, CBN’s performance under Cardoso now serves as a model of post-crisis recalibration, correcting distortions, restoring trust, and planning for long-term sustainability. The nomination and award reflect not only a national turnaround but also an African model of how central banks can lead with discipline, not just survival instincts.

Accepting the award on behalf of Governor Cardoso was Dr. Nkiru Balonwu, Adviser on Stakeholder Engagement and Strategic Communication. She was joined by senior members of the CBN’s Monetary Policy and Banking Supervision teams, showcasing the collective effort behind the reforms.

The CBN’s delegation at the awards ceremony embodied the growing confidence in Nigeria’s economic management circles, a welcome change from years past, when global engagement with Nigeria’s monetary authorities was marked by caution and skepticism.

Cardoso’s recognition is more than symbolic; it reflects a shift in Nigeria’s financial governance culture, away from opacity and political meddling, towards a central bank that values transparency, credibility, and economic integrity.

With Cardoso at the helm, the CBN is not just managing Nigeria’s financial system, it is actively re-engineering it to serve future generations. And for a country in desperate need of sound economic stewardship, that alone makes his leadership award truly well deserved.

In doing one of the things we how to do best as Nigerians – celebrate our own – we say congratulations to the CBN governor!!