The Central Bank of Nigeria says that although recent reforms have contributed to restoring macroeconomic stability, significant work remains in improving living conditions and tackling deep-rooted structural challenges in the economy.

CBN Deputy Governor for Corporate Services, Emem Usoro, made this known in a keynote address delivered on her behalf by the Director of Corporate Communications, Hakama Sidi Ali, at the 2025 Seminar for Finance Correspondents and Business Editors held in Lagos on Thursday.

Usoro noted that the Cardoso-led administration inherited a fragile economy marked by double-digit inflation, acute foreign exchange shortages, depleted external reserves, and heavy fiscal dependence on Ways and Means financing, factors that exposed the financial system’s vulnerabilities and necessitated urgent corrective measures.

Since then, the CBN has rolled out what Usoro termed “well-sequenced, compliance-driven measures.” These include a shift back to orthodox monetary policy, stricter regulatory supervision, and the ongoing recapitalisation of banks.

According to her, these measures—working in tandem with the Federal Government’s fiscal reforms—have begun to deliver measurable stabilisation in the economy.

“Inflation has declined to 16.05%, external reserves have risen to over $46 billion, and the exchange rate has stabilised below N1,500 per dollar,” she said.

She noted that stronger reserve levels have pushed Nigeria’s import cover to more than 10 months, signalling renewed investor confidence.

Usoro added that the naira’s volatility has eased and that ongoing monetary tightening is helping to moderate pressure on lending rates.

Despite recent gains, the CBN warned that progress remains too slow to deliver meaningful improvements in Nigerians’ living standards. Usoro stressed that “more work is required” to reinforce economic fundamentals and raise overall welfare.

She urged stronger alignment between fiscal and monetary authorities, emphasising policy discipline and coordinated decision-making across key institutions. Usoro added that sustained collaboration among policymakers, regulators, and the media is crucial to keeping reforms on track.

As digital innovation, fintech expansion, and global economic shifts reshape the financial landscape, she noted that resilience, transparency, and accountability must remain top priorities to protect the system.

“Better coordination promotes credibility, strengthens regulation, and ensures that reforms are inclusive and sustainable,” she said.

She urged journalists to remain actively involved in breaking down complex policy decisions for the public, noting that clear and accurate communication is vital for sustaining trust and support for ongoing reforms.