Central Bank recognised for forex, banking and monetary reforms
The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society (NES) Distinguished Organisation Award for its institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development.
The award was presented during the 67th Annual Conference of the Nigerian Economic Society, held in Abuja from September 7 to 10, 2026.
Dr Victor Oboh, Director of the CBN’s Monetary Policy Department, received the award on behalf of CBN Governor Olayemi Cardoso.
The recognition comes after a series of major reforms implemented by the apex bank over the past three years across Nigeria’s monetary policy, foreign exchange and financial sectors.
Among the reforms highlighted by the NES were changes to the foreign exchange market, the clearance of longstanding foreign exchange obligations, the discontinuation of Ways and Means financing to the Federal Government, the implementation of Payment System Vision 2028, and the recapitalisation of the Nigerian banking industry.
According to the reports, the reforms have been associated with improvements in several key economic indicators, including greater stability in the foreign exchange market, stronger external reserves and easing inflationary pressures.
The NES also noted that the gap between the official and parallel foreign exchange markets had narrowed to less than two per cent, while remittances, capital inflows and investor confidence had improved.
The CBN has maintained that its ongoing policy measures are aimed at restoring confidence in Nigeria’s economy, strengthening the financial system and creating a more stable monetary environment.
Reacting to the recognition, Governor Olayemi Cardoso described the award as an endorsement of the bank’s reform agenda and commitment to national development.
He said the recognition demonstrated the CBN’s pursuit of institutional excellence and resilience while reinforcing its commitment to macroeconomic stability, a stronger financial system and sustainable economic growth.
The NES recognition adds to a series of recent accolades for the CBN and its reform programme, coming shortly after the bank was recognised as Global Central Bank of the Year.
The latest award places further attention on the CBN’s economic reform programme and the need to sustain the gains recorded while ensuring that improvements in monetary and financial stability translate into stronger economic opportunities for Nigerians.
