When President Bola Tinubu appointed Olayemi Cardoso as Governor of the Central Bank of Nigeria CBN in September 2023, he faced an economy grappling with surging inflation, a volatile exchange rate, and waning investor confidence. Tasked with restoring macroeconomic stability and credibility to Nigerias financial system, Cardoso took swift actionushering in a series of sweeping monetary and regulatory reforms that have since reshaped the countrys economic trajectory.
Less than two years into his tenure, those reforms are not only beginning to yield measurable results at homethey are also gaining recognition beyond Nigerias borders. At the 2025 African Banker Awards held in Abidjan, Cte dIvoire, Cardoso was named Central Bank Governor of the Year, a testament to his bold and strategic leadership in stabilizing the naira, fostering transparency in the foreign exchange market, and restoring institutional credibility to the CBN.
A Mandate For Reform: Cardosos Appointment Amid Crisis
Upon assumption of office, Cardoso faced a multitude of significant economic challenges that required immediate and decisive action. Nigerias inflation rate had surged to 33.88 per cent, up from 28.20 per cent at the start of the year. The persistent inflation was driven by rising fuel prices, exchange rate depreciation, and supply chain disruptions.