Story perspectives
New CBN Governor Cardoso Implements Reforms, Inflation Drops
10/6/2025
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Story summary
- Olayemi Michael Cardoso became Governor of Central Bank of Nigeria (CBN) on September 23, 2023.
- He pursued orthodox tightening and reforms to restore credibility.
- Banking supervision strengthened under Cardoso, with tighter governance and fintech oversight.
- Inflation fell to 20.12% in August 2025.
- FX reserves rose to $42.03 billion by September 2025, with priorities including disinflation, FX reforms, and fiscal reforms.
