Protocol

1. It is my great honor to deliver the key note address at this important seminar for Finance Correspondents and Business Editors. The CBN values platforms like this, as they support our commitment to learning, knowledge sharing and effective communication of our policies and programmes.

2. The theme, “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” is timely. It provides an opportunity for open discussions and recommendations that will enhance understanding of current government reforms and the collaboration needed to ensure positive outcomes for Nigerians.

3. When the Governor, Olayemi Cardoso management team assumed office two years ago, the macroeconomic environment was challenging. Inflation was high, the naira was unstable due to forex scarcity, external reserves and oil receipts were low, and the economy faced significant FX backlogs and dependence on ways and means financing. These conditions stressed the financial system and highlighted the urgent need for reforms.

4. Guided by strong and transparent leadership, the Bank implemented well-sequenced and compliance-driven measures, including orthodox monetary policies, strengthened corporate governance, and the ongoing bank recapitalisation programme. These actions, aligned with the Federal Government’s reform agenda, have helped restore stability and improve key macroeconomic indicators.

5. Inflation has declined to 16.05%, the exchange rate has stabilised below ₦1,500/$ with minimal volatility, and external reserves now exceed $46 billion, providing over 10 months of import cover. Monetary policy adjustments are supporting lower lending rates as inflation continues to ease.

6. These achievements reflect the commitment of the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso and his team, and underscores the importance of the media in communicating the benefits and progress of reforms to the public. Effective communication strengthens public understanding and supports successful policy outcomes.

7. While progress has been made, more work is required to improve macroeconomic fundamentals and the standard of living for Nigerians. This makes partnerships among policymakers, regulators, and the media even more important.

8. Aligning fiscal and monetary policies is essential to strengthening the financial system, enhancing regulation, and ensuring resilience, especially as technological innovation and digital finance continue to expand.

9. Better coordination promotes transparency, accountability, policy discipline and credibility, leading to improved economic outcomes. The media also has an important role in explaining policies clearly and accurately to citizens.

10. Ladies and gentlemen, I want to thank the organisers of the seminar, particularly the Director and staff of the Corporate Communications Department, for their efforts in ensuring that this year’s seminar is held today. I also wish to extend my special thanks to you, our distinguished participants and members of the press, here for being part of our history over the years.

11. It is my hope that by the end of the seminar, you will have identified key actionable takeaways that will help improve interactions between our fiscal and monetary authorities, thereby better aligning our policies, enhancing policy outcomes, and ultimately improving the overall well-being of our beloved country, Nigeria. Be assured that we will carefully analyse and aspire to implement the recommendations of your discussions.

12. Therefore, it is my sincere expectation that, at the end of your deliberations at this seminar, participants will better appreciate the time and resources invested by the Bank to ensure you are adequately informed on our policies and programmes.

13. Thank you all for your attention

Ms Emem Usoro
Deputy Governor, Corporate Services,
Central Bank of Nigeria
November 20, 2025