Transparency Advocacy for Development Initiative (TADI) has commended the Central Bank of Nigeria (CBN) for improvements in financial governance, transparency, and policy implementation under the leadership of Governor Yemi Cardoso.
In its independent quarterly assessment report, signed by Executive Director Mr. Yomi David, the group said the CBN had demonstrated measurable progress in transparency, institutional reforms, and financial discipline, even as inflation and exchange rate volatility remain pressing challenges.
The report, which reviewed the Bank’s performance using public records and media data, highlighted a shift from a deficit of ₦1.3 trillion in 2023 to a surplus of ₦165 billion in 2024. This, it said, reflected stronger income generation—particularly from foreign exchange revenues—and tighter cost-control measures.
Nigeria’s external reserves were also reported to have grown from $36.6 billion in 2023 to $38.8 billion in 2024, with projections of further increases into 2025. On foreign exchange reforms, the report noted the unification of the FX window under the “willing buyer, willing seller” framework and the clearance of backlogs of verified FX obligations.
While acknowledging that inflation remains elevated, the group observed that CBN’s tightened monetary policy—including interest rate hikes and liquidity management—had begun to slow the upward trend.
On governance and transparency, TADI lauded the apex bank for publishing financial statements in line with International Financial Reporting Standards (IFRS) and for unveiling a 10-point reform agenda aimed at strengthening institutional governance and phasing out quasi-fiscal activities.
According to the assessment, the CBN scored 6.5 on effectiveness—showing progress in FX and reserves management, though inflation continues to weigh heavily. On transparency and governance, the bank scored 7.5, reflecting improved disclosure practices and reform momentum.
“The CBN under this administration demonstrates moderate to strong consistency, particularly in policy direction, transparency, and financial discipline. However, inflation control and FX volatility continue to challenge its overall effectiveness,” David said.
