- Cardoso: Award validates Bank’s status, pursuit of macroeconomic stability
By Hamilton Nwosa
Nigeria’s apex Bank best known as the Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award in recognition of its institutional reforms and contributions to Nigeria’s macroeconomic stability and economic development.
According to the CBN, the award which was presented at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10, 2026 further reinforced the apex bank’s commitment to, and pursuit of macroeconomci stability in Nigeria.
Director of the Monetary Policy Department at the apex Bank, Dr. Victor Oboh, reportedly received the award on behalf of the Governor of the bank, Mr. Olayemi Cardoso.
This latest honour is coming against the background of a series of reforms executed by the CBN across the monetary, foreign exchange and financial sectors over the past three years. Among the various institutional measures underlined were reforms within the foreign exchange market, the clearance of longstanding foreign exchange obligations, the cessation of Ways and Means financing to the federal government, the implementation of the Payment System Vision 2028, and the recapitalisation of the Nigerian banking industry, aimed at creating a stronger, more resilient, and globally competitive financial system.
According to the organisers of the event which held in Abuja, “the reforms have improved key macroeconomic indicators, including easing inflationary pressures, strengthening external reserves, and greater stability in the foreign exchange market.”
The NES also observed that “the premium between the official and parallel foreign exchange markets had narrowed to less than two per cent, and that remittance and capital inflows, as well as investor confidence, had improved.”
The apex Bank attributed “the developments to ongoing policy measures to restore confidence in the economy and to strengthen the country’s monetary and financial system.”
While speaking on the NES award, Governor of the CBN, Mr Olayemi Cardoso described the recognition as an endorsement of the institution’s commitment to excellence, resilience and national development.
“The Distinguished Organisation Award is a testament to the Central Bank of Nigeria’s unwavering pursuit of excellence, institutional resilience, and commitment to national development,” he added.
He further mainatained that the award reinforced the bank’s commitment to macroeconomic stability, a stronger financial system and sustainable economic growth.
“As it continues to implement reforms and innovate to fulfil its mandate, the CBN remains firmly committed to building a stronger economy and a brighter future for Nigeria,” Cardoso said.
The honour by the NES follows the apex Bank’s recent emergence as Global Central Bank of the Year, further bolstering international recognition of its reform programme and policy initiatives.
Recall that the mandate of the CBN is drawn from the 1958 Act of Parliament, as amended in 1991, 1993, 1997, 1998, 1999 and 2007 respectively. Indeed, the apex bank Act of 2007 empowers the Bank “with the overall control and administration of the monetary and financial sector policies of the Federal Government.”
According to its mandate, the CBN is empowered by Law to ensure monetary and price stability, issue legal tender currency in the country, maintain external reserves to protect the international value of Nigeria legal tender currency, promote sound financial system in the country, and serve as Banker as well as provide economic and financial advice to the Federal Government of Nigeria.
