The Central Bank of Nigeria (CBN) has received the Distinguished Organisation Award from the Nigerian Economic Society (NES) at its 67th Annual Conference in Abuja.
The Central Bank of Nigeria (CBN) has received the Distinguished Organisation Award from the Nigerian Economic Society (NES) in recognition of its ongoing economic reforms and contributions to national financial stability.
The award was presented during the 67th Annual Conference of the NES in Abuja. Dr. Victor Oboh, Director of the CBN’s Monetary Policy Department, accepted the honor on behalf of CBN Governor Olayemi Cardoso. The recognition follows another major milestone, coming shortly after the apex bank was named Global Central Bank of the Year.
The Nigerian Economic Society pointed to several big moves by the central bank that helped it win the award. The central bank cleared out old debts owed in foreign currencies like US Dollars and changed the rules to help steady the forex market.
It also stopped printing extra cash to cover government expenses, which helps keep prices from rising too fast. Finally, the bank asked commercial banks to increase their cash reserves to make them safer while creating a simple roadmap to improve electronic payments for everyone by 2028.
According to the NES, these policy moves have produced clear improvements across major economic metrics including easing inflation pressures, expanding Nigeria’s foreign reserves and restoring investor trust.
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One big win pointed out by the team is how close the official dollar rate and the black market rate have become. The price difference between the official banking exchange rate and the parallel market rate has dropped to less than 2%, significantly reducing currency speculation while boosting foreign diaspora remittances and capital inflows into the country.
Responding to the honor, Governor Olayemi Cardoso noted that the award serves as a strong validation of the bank’s commitment to building institutional resilience, maintaining economic stability and fostering sustainable growth for Nigeria.
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