CBN Bags NES distinguished organisation award for economic reforms

The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award for its institutional reforms and contributions to macroeconomic stability and economic development.

The award was presented at the 67th Annual Conference of the NES, held in Abuja from September 7 to 10.

Director, Monetary Policy Department, CBN, Dr Victor Oboh, received the award on behalf of the Governor, Olayemi Cardoso.

The recognition comes against the backdrop of wide-ranging reforms implemented by the apex bank over the past three years across monetary policy, foreign exchange and the financial system.

Among the reforms highlighted were changes to the foreign exchange market, clearance of longstanding foreign exchange obligations, the cessation of Ways and Means financing to the Federal Government, implementation of the Payment System Vision 2028 and recapitalisation of the banking industry.

The NES said the measures were aimed at strengthening the resilience and competitiveness of Nigeria’s financial system while improving macroeconomic stability.

It noted that the reforms had contributed to improvements in key economic indicators, including easing inflationary pressures, strengthening external reserves and greater stability in the foreign exchange market.

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The society also highlighted the narrowing of the premium between the official and parallel foreign exchange markets to less than two per cent, alongside improvements in remittance and capital inflows and investor confidence.

The CBN attributed the developments to its ongoing efforts to restore confidence in the economy and strengthen the country’s monetary and financial system.

The NES award follows the CBN’s recent emergence as Global Central Bank of the Year, adding to the growing recognition of its reform programme.

Reacting to the award, Cardoso described it as an endorsement of the bank’s commitment to institutional 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,” Cardoso said.

He said the recognition would further reinforce the CBN’s commitment to maintaining macroeconomic stability, strengthening the financial system and supporting 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,” the governor said.