13th Global Awards: Nigeria’s CBN scoops Central Bank of the year title

The Central Bank of Nigeria (CBN) has been named Central Bank of the Year 2026 by an awards committee in London.

The award recognises the bank’s major reforms that helped stabilise Nigeria’s economy and improve investor confidence.

The award is part of the 13th annual Central Banking Awards. It highlights how the CBN helped turn around Nigeria’s economy, which was close to crisis in 2023.

At that time, Nigeria faced serious problems such as high inflation, a weak currency, low foreign reserves, and about $7 billion in unpaid foreign exchange obligations.

There was also a big gap between official and black-market exchange rates.

After Olayemi Cardoso was appointed governor in October 2023 by Bola Ahmed Tinubu, the CBN introduced strong reforms. These reforms focused on proper monetary policies, transparency, and market-based systems.

One major change was in the foreign exchange system. The CBN removed multiple exchange rates and introduced a “willing-buyer, willing-seller” system. This made the market more transparent and reduced manipulation.

The bank also cleared old foreign exchange debts owed to sectors like aviation and manufacturing. This helped restore trust in the economy. By late 2025, the gap between official and black-market exchange rates dropped to less than 2%.

Nigeria’s foreign reserves also improved, rising to $46.7 billion by November 2025  the highest level in almost seven years.

This was due to better foreign exchange inflows, stronger exports, and renewed investor confidence.

The International Monetary Fund praised these reforms, saying they improved the foreign exchange market and made pricing more reliable.

Inflation, which peaked at 34.8% in December 2024, dropped to 15.1% by January 2026. The CBN achieved this by raising interest rates and carefully managing the economy.

The bank also improved its internal operations. It stopped some programmes that were increasing money supply and causing inflation.

It strengthened its systems, improved compliance, and introduced digital tools, including artificial intelligence.

In the banking sector, the CBN introduced new rules requiring banks to increase their capital. This is expected to make the financial system stronger.

Nigeria also improved its fight against financial crimes. In 2025, the country was removed from a global watchlist for money laundering after improving its monitoring systems.

These reforms boosted Nigeria’s global image. Credit rating agencies upgraded the country’s outlook, and investor interest increased. Nigeria’s 2025 Eurobond attracted more than five times the expected subscriptions.

Although progress has been made, the CBN says challenges still remain, such as maintaining low inflation and completing banking reforms.

Overall, the award shows that Nigeria is regaining its position in the global financial system, thanks to strong policies and reforms by the CBN.