The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has defended the apex bank’s return to orthodox monetary policy and warned against renewed calls for interventionist programmes, saying such measures previously distorted the institution’s balance sheet and weakened policy effectiveness.
Cardoso made the remarks during the opening session of a Monetary Policy Committee workshop held on May 21, 2026, according to a statement issued by the CBN on Sunday.
The statement said the governor reaffirmed the bank’s commitment to orthodox monetary policy, transparency and evidence-based decision-making, describing the ongoing reforms as critical to restoring confidence in the Nigerian economy and strengthening macroeconomic stability.
The workshop, themed “Strengthening Monetary Policy Effectiveness Towards Sustainable Macroeconomic Stability,” brought together MPC members, deputy governors, directors and other stakeholders to discuss ways of improving monetary policy effectiveness amid evolving domestic and global economic conditions.
According to the statement, Cardoso reflected on Nigeria’s recent monetary policy history and highlighted the challenges facing the bank when the current administration assumed office. These, he said, included weakened institutional autonomy, reduced policy credibility and reliance on unorthodox monetary tools.
