The Central Bank of Nigeria (CBN) says foreign investors have continued to express confidence in the country’s financial system by the recent 28 percent investment in the ongoing bank’s recapitalisation.
Mrs Sidi Hakama, acting Director, Corporate Communications and Investor Relations Department of the CBN, disclosed this on Friday during the CBN special day at the ongoing 37th Enugu International Trade Fair.
Hakama said that the ongoing bank recapitalisation with a deadline of March 31, 2026, had progressed positively.
“As of March 17, 2026, 32 banks have met new capital requirements, with about 28 percent of recapitalisation investments coming from foreign sources, reflecting renewed confidence in Nigeria’s financial system,” she said.
She said that as part of the ongoing reform agenda, “the bank is transitioning to inflation targeting, which is a significant shift towards a more transparent, forward-looking, and rules-based monetary policy system anchored in long-term price stability”.
Hakama noted that the policy would also help shape market expectations and limit the disruptive effects of supply-side shocks.
“These reforms, anchored in orthodox monetary policy, institutional transparency, and market-driven foreign exchange frameworks, have earned the CBN the Central Bank of the Year 2026 Award from the Central Banking Awards Committee, London.
“The award is part of the committee’s celebration of excellence among central banks worldwide.
“Collectively, these reforms have increased transparency, supported disciplined price discovery, and strengthened the transmission of monetary policy,” she said.
Hakama said that the apex bank’s fight against inflation had been steadfast, and the tight monetary policy stance it adopted had played a key role in reducing headline inflation.
She noted that there was a drop in inflation from a peak of 34.80 percent in late 2024 to 15.06 percent by the end of February 2026.
The director said: “We have almost a 200 percent increase in capital and investment inflows between 2023 and 2025 into the country.
“And an increase in external reserves from less than $10 billion to $50.45 billion, all while maintaining our focus on achieving a single-digit inflation in the near term.”
She noted that the CBN’s priorities in 2026 would include, strengthening the banking system; ensuring durable price stability; modernising payments and promoting financial inclusion; fostering responsible fintech innovation; enhancing institutional capacity and operational efficiency; and deepening partnerships.
Hakama said that the apex bank remained dedicated to providing timely, credible, and reliable information, urging members of the public to rely solely on information disseminated through the bank’s official and verifiable communication channels.
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Earlier, the President of Enugu Chamber of Commerce, Mr. Nnanyelugo Onyemelukwe, commended the CBN for its policy measures to rebuilding stronger business confidence and ensuring stability in the economy particularly in the financial/banking sector.
“The chamber appreciates the CBN Governor, Olayemi Cardoso and the entire management of the apex bank for participating in the fair and using it to reach out to Nigerians on the bank’s activities touching their lives positively,” Onyemelukwe said.
The theme of this year’s fair is: “Empowering Micro, Small and Medium Enterprises (MSMES) for Global Competitiveness”
