Governor Yemi Cardoso was in London on 10 June 2026 to collect the Central Bank of the Year award at the Central Banking Awards, and the moment carried real weight. Just a few years ago, the Central Bank of Nigeria was managing a backlog of over 7 billion dollars in matured foreign exchange obligations, a 60 percent spread between official and parallel currency markets, depleted reserves, and a credibility deficit that had rattled investors and everyday Nigerians alike. The award, one of the most prestigious in global finance, signals how far the institution has come.
Cardoso kept his remarks grounded. "We receive this recognition with humility. We see it, not as a destination, but as encouragement to continue the important work ahead," he said, dedicating the honour to the board, management, staff, and the professionals who, in his words, serve "with integrity, expertise, and an unwavering commitment to the public good."
The numbers behind the recognition are striking. Inflation moderated to around 15 percent under a strengthened inflation-targeting regime. Foreign reserves climbed above 50 billion dollars, covering more than ten months of imports. The gap between the official and parallel exchange rate narrowed from 60 percent to roughly 2 percent. The banking sector completed a recapitalisation programme, and Nigeria exited the Financial Action Task Force grey list, a meaningful signal to global partners about the country's compliance standards.
What the CBN has built over three years is now being studied as a model of institutional rehabilitation, a disciplined return to autonomy, transparency, and orthodox monetary policy. Cardoso framed the mandate simply: to preserve confidence, safeguard stability, and create conditions for economies and societies to prosper. The question now is whether the gains hold, and what the next chapter of that work looks like.
Originally published by African Business.