ABUJA — The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s (NES) Distinguished Organisation Award for its institutional reforms and contribution to macroeconomic stability, as the apex bank seeks to consolidate changes implemented across Nigeria’s monetary, foreign-exchange and financial systems.

The award was presented during the 67th Annual Conference of the Nigerian Economic Society, held in Abuja from September 7 to 10, 2026.

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

The recognition provides a significant endorsement of the policy direction pursued by the CBN over the past three years, a period marked by substantial changes to foreign-exchange management, monetary financing, banking-sector regulation and the broader architecture of Nigeria’s financial system.

Among the reforms highlighted by the NES were the overhaul of 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 the recapitalisation of Nigerian banks.

The measures are intended to strengthen monetary-policy credibility, improve the resilience of the banking system, deepen financial intermediation and position Nigerian financial institutions to compete more effectively in an increasingly integrated global economy.

FX Reforms Take Centre Stage

The CBN’s foreign-exchange reforms have been among the most consequential elements of the policy reset.

The bank has sought to reduce distortions in the FX market, improve transparency in price discovery and restore confidence among businesses and foreign investors following years of severe dollar shortages and multiple exchange-rate windows.

According to the NES, the reforms have contributed to improvements in key macroeconomic indicators, including greater stability in the foreign-exchange market, stronger external reserves and easing inflationary pressures.

The Society also noted that the premium between the official and parallel foreign-exchange markets had narrowed to less than two per cent, while remittance and capital inflows, as well as investor confidence, had improved.

The development is significant for businesses that depend on access to foreign currency for imports, investment and debt servicing, although exchange-rate volatility and inflation remain major challenges for households and companies.

End of Ways and Means Financing

Another major shift has been the CBN’s move away from routine monetary financing of government deficits through Ways and Means advances.

The policy change is designed to reinforce monetary discipline and reduce the risk that fiscal pressures translate directly into excessive money creation and inflation.

The CBN has also pursued banking-sector recapitalisation, with the objective of ensuring that financial institutions have stronger capital buffers and greater capacity to finance productive investment.

The recapitalisation drive is expected to strengthen the sector’s ability to support larger transactions, infrastructure projects and economic expansion while improving banks’ capacity to withstand financial shocks.

Cardoso: Award Validates Reform Agenda

Reacting to the NES recognition, Cardoso described the award as an endorsement of the CBN’s efforts to strengthen institutional effectiveness and support sustainable economic 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,”

the governor said.

Cardoso said the recognition would further strengthen the bank’s resolve to pursue macroeconomic stability, build a more resilient financial system and support 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,” he added.

International Recognition

The NES award comes on the heels of international recognition for the CBN’s reform programme, following its emergence as Global Central Bank of the Year.

Taken together, the recognitions underline the extent to which Nigeria’s monetary authorities have attempted to reset policy after years of exchange-rate distortions, monetary financing, foreign-exchange shortages and weakening investor confidence.

However, the awards also come at a time when Nigeria continues to face difficult macroeconomic conditions.

High inflation, elevated interest rates, exchange-rate pressures and weak household purchasing power remain significant constraints on businesses and consumers.

For the CBN, the next challenge is therefore to ensure that improvements in monetary and financial-market architecture translate into sustained price stability, stronger investment, deeper credit to the productive economy and improved living standards.

The NES recognition provides political and professional validation of the reform direction. The more difficult test, however, will be whether the reforms can be sustained long enough to deliver durable macroeconomic stability and stronger economic growth