By Chinedu Adonu

The Central Bank of Nigeria (CBN) has reaffirmed its commitment to implementing bold reforms aimed at strengthening Nigeria’s economy, enhancing resilience to external shocks, and restoring investor confidence.

Speaking during the CBN Special Day at the 37th Enugu International Trade Fair, the Acting Director of Corporate Communications and Investor Relations, Mrs. Hakama Sidi Ali, said the Bank’s ongoing reforms are already yielding positive results. She noted that the theme of this year’s fair, “Empowering MSMEs for Global Competitiveness,” aligns with the Bank’s strategic focus on promoting sustainable economic growth.

According to her, Micro, Small and Medium Enterprises (MSMEs) remain the engine of growth in any economy, playing a critical role in job creation, capacity building, and economic resilience.

Hakama highlighted that under the leadership of the CBN Governor, Olayemi Cardoso, the Bank has introduced far-reaching reforms, particularly in the foreign exchange (FX) market. These include improved transparency and liquidity, as well as a revised FX framework that simplifies trade and investment procedures.

“The apex bank is developing a new Payments System Vision to position Nigeria as a regional leader in digital and cross-border payments,” she said.

On the banking sector, Hakama said the ongoing recapitalisation exercise, scheduled to conclude by March 31, 2026, is progressing steadily, with 32 banks already meeting the new capital requirements. She added that about 28 percent of the recapitalisation funds were sourced from foreign investors, reflecting renewed confidence in Nigeria’s financial system.

“The CBN, is transitioning to an inflation-targeting framework aimed at ensuring long-term price stability through a more transparent and forward-looking monetary policy approach,” she explained.

She revealed that the Bank’s reforms have contributed to a significant drop in headline inflation from 34.8 percent in late 2024 to 15.06 percent as of February 2026. In addition, capital inflows have surged, while external reserves have risen to over $50 billion.

“These reforms have strengthened monetary policy transmission, improved price discovery, and enhanced overall economic stability,” she said.

Hakama also called on citizens to respect the naira, describing it as a symbol of national identity, and warned against practices such as mutilation, counterfeiting, and spraying of the currency.

Earlier, the President of Enugu Chamber of Commerce, Industry, Mines and Agriculture, Engr. Nnanyelugo Onyemelukwe, commended the management of the CBN for its decision to reactivate and sustain the use of trade fair platforms to disseminate information and create wider awareness of its operations.

He noted that this initiative would enhance public understanding of the Bank’s financial and monetary policies, describing it as a commendable step. Onyemelukwe also applauded the CBN’s policy measures aimed at rebuilding business confidence and ensuring stability in the economy, particularly within the financial and banking sector.

“However, we advised the Bank to ensure that its key policy measures, especially those targeted at curbing inflation and stabilizing the naira through aggressive monetary tightening, do not become counterproductive,” he said.

While acknowledging the recent reduction of the interest rate from 27.0 percent to 26.5 percent in February 2026, Onyemelukwe expressed concern that the rate remains high. He emphasized the need for a gradual reduction to a single-digit rate to support economic growth. He further stressed that the CBN must intensify efforts to manage inflationary pressures and liquidity, warning that the prevailing high interest rate regime could negatively impact businesses by limiting access to bank credit.