- CBN Governor Olayemi Cardoso stated that recent monetary reforms prevented “far more difficult and painful” economic outcomes for Nigeria following global disruptions.
- Nigeria’s inflation rate hit 15.38% in March 2026, the first uptick in a year, largely attributed to energy and food cost spikes caused by the ongoing U.S.–Israel–Iran conflict.
- Speaking at the World Bank/IMF Spring Meetings in Washington DC, Cardoso defended the bank’s cautious approach to rate cuts, citing hidden data that anticipated the current external shocks.
The Central Bank of Nigeria (CBN) has credited its “cautious and data-driven” reforms with saving the nation from a severe economic collapse in the wake of escalating global tensions.
Eko Hot Blog reports that Governor Olayemi Cardoso told journalists on Monday that while Nigerians are still feeling the pinch, the situation would have been significantly worse without the recent interventions of the Monetary Policy Committee (MPC).
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The briefing followed the release of the March 2026 inflation figures, which showed a rise to 15.38%. This marks a reversal of a twelve-month easing trend that began in March 2025.
Cardoso noted that the uptick was expected given the “global disruptions” currently impacting energy and transportation costs worldwide.
Minister of Finance Wale Edun joined Cardoso in expressing confidence in Nigeria’s current standing.
Edun highlighted that the shift to a market-reflective foreign exchange regime and the removal of petroleum subsidies have allowed the economy to adjust to external shocks, specifically the Middle East crisis, without depleting national reserves.
“Our reforms are durable and self-sustaining,” Edun stated. “The recognition from the IMF and World Bank this week confirms that Nigeria’s economic fundamentals are strengthening, placing us in a better position to navigate the Israeli–U.S.–Iran conflict.”
Despite the March setback, the CBN remains committed to its long-term goal of bringing inflation down to single digits.
Cardoso emphasized that the MPC’s refusal to aggressively cut rates earlier in the year was a strategic move to build resilience against the very shocks the global market is now witnessing.
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