CBN Governor: Discipline and Integrity Are Secrets to a Strong Economy
By Patience Ikpeme
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has stated that the same values that make a student successful in the classroom—discipline, integrity, and a hunger for knowledge—are the exact same principles required to build a healthy national economy and stable banks.
Speaking in Lagos at the Distinguished Alumni Lecture during the Founders’ Day celebration of St. Gregory’s College, Mr. Cardoso explained that the ongoing reforms in the financial sector are already making Nigeria’s economic foundations much tougher.
He noted that the country has seen real progress in making banks stronger, bringing down the high cost of living, and making the Naira more stable in the foreign exchange market.
According to the Governor, Nigeria’s economy went through a very difficult time in recent years due to imbalances and the constant rise in the prices of goods. He stated that to fix these problems, the government had to return to “disciplined monetary policy” and work hard to make people believe in the country’s financial institutions again.
He spoke extensively on the banking recapitalization program which started in 2024. This plan was designed to make sure Nigerian banks have enough money to support the long-term growth of the country. He shared positive news on how far the banks have come in meeting these new rules.
“As of March 2026, thirty-three banks have successfully raised additional capital, while thirty institutions have already met the new minimum capital requirements for their respective licence categories,” Mr. Cardoso said.
The CBN Governor added that the other banks are currently going through the final checks by the regulators to ensure they have followed all the rules.
Beyond the banks, Mr. Cardoso shared figures showing that the fight against inflation is being won. He said the Bank’s decision to go back to traditional ways of managing money helped push inflation down from a high point of 34 percent to about 15 percent.
He also mentioned that the huge gap between the “official” dollar rate and the “black market” rate has almost disappeared. In 2022, the difference was as high as 50 percent, but by 2025, it dropped to less than two percent. This stability has helped Nigeria’s external savings grow, recently crossing the $50 billion mark, which has encouraged more foreign investors to bring their money into the country.
Looking toward the future, the Governor praised Nigeria’s technology and banking space, describing it as one of the most active in the world for financial inclusion. He told the students at the event to learn many different skills, as the jobs of tomorrow will need people who can combine technology with creative thinking.
Mr. Cardoso concluded by stating that for the economy to keep growing in a way that lasts, the country must maintain strong institutions and stick to its disciplined policy plans.
