Cardoso’s reforms earn global recognition as the CBN receives Central Bank of the Year award for monetary and FX market reforms

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has attributed the institution’s recognition as Central Bank of the Year to the dedication of its staff and the sweeping reforms implemented since 2023, while stressing that significant work remains ahead.

Also read: CBN reforms boost Nigeria’s economic resilience, Cardoso Says

Cardoso spoke on Wednesday while accepting the prestigious award on behalf of the CBN at the Central Banking Awards ceremony in London, an event widely regarded within the financial industry as one of the sector’s highest honours.

Rather than portraying the recognition as a culmination of achievements, the CBN governor described it as motivation to continue reforms aimed at strengthening Nigeria’s economy and financial system.

“We receive this recognition with humility. We see it, not as a destination, but as encouragement to continue the important work ahead,” Cardoso said.

The award comes nearly three years after Cardoso assumed leadership of the apex bank amid mounting economic challenges, including high inflation, foreign exchange instability, declining investor confidence and concerns over central bank independence.

Accepting the award, Cardoso dedicated the honour to members of the institution.

“I accept this award on behalf of the Board, Management and staff of the CBN. Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good,” he said.

He emphasised the critical role central banks play in maintaining economic stability and preserving public confidence.

“The responsibility entrusted to central banks is a solemn one, to preserve confidence, safeguard stability and create the conditions in which economies and societies can prosper,” Cardoso added.

The recognition follows a period of extensive policy reforms under the current CBN leadership.

According to the publication announcing the award, the institution was recognised for implementing monetary policy and foreign exchange market reforms that contributed to improvements in macroeconomic stability and investor confidence.

The publication referenced comments by former CBN governor Sanusi Lamido Sanusi, who had previously warned that Nigeria’s economy faced severe risks before the reform programme began.

Under Cardoso’s leadership, the apex bank has pursued tighter monetary policy, enhanced transparency measures, strengthened corporate governance practices and introduced reforms aimed at improving foreign exchange market efficiency.

The reforms have also included efforts to clear outstanding foreign exchange obligations, modernise payment systems and strengthen banking sector resilience through recapitalisation initiatives.

Explaining the rationale behind the award, Central Banking Editor-in-Chief Christopher Jeffrey said the institution’s achievements reflected a significant shift in policy direction.

The publication noted that the CBN had been recognised for implementing disciplined monetary tightening and foreign exchange reforms while addressing billions of dollars in outstanding obligations.

It also cited governance improvements, banking sector recapitalisation, payments modernisation and Nigeria’s removal from the Financial Action Task Force grey list as factors that contributed to restoring confidence in the financial system.

The reforms have attracted praise from international institutions.

The International Monetary Fund has previously welcomed measures aimed at strengthening reserves, improving market confidence and enhancing price discovery in the foreign exchange market.

Cardoso’s leadership has also earned personal recognition. In 2025, he was named African Central Banker of the Year at the Annual Banker Awards for reforms aimed at correcting market distortions and repositioning the economy for sustainable growth.

Despite the accolades, the CBN appears focused on consolidating recent gains.

On the same day the award was presented in London, the bank released a revised exposure draft outlining stricter regulatory guidelines for financial holding companies in Nigeria.

The proposals include stronger governance requirements, tighter capital standards and measures designed to protect depositors’ funds and enhance financial sector stability.

The apex bank is also continuing efforts to strengthen oversight of the foreign exchange market through improved documentation standards, enhanced surveillance and broader market participation initiatives.

For Cardoso, the latest international recognition appears less a conclusion than a signal that the reform agenda must continue.

Also read: What Cardoso’s legacy at CBN would look like

As Nigeria navigates a complex global economic environment, the CBN governor’s message was clear: the reward for progress is a renewed commitment to sustaining it.