November 20, (THEWILL) — The Central Bank of Nigeria (CBN) has said that closer coordination between monetary and fiscal authorities is essential to building a stronger and more resilient financial system.
The Deputy Governor, Corporate Services, CBN, Ms Emem Usoro, said this while delivering the keynote address at the 2025 Seminar for Finance Correspondents and Business Editors on Thursday, November 20, in Lagos.
She said the theme of the seminar, “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” was timely because it encourages open discussions that support government reforms and improve public understanding of economic policies.
The deputy governor recalled that when the current CBN management, led by Mr Olayemi Cardoso, assumed office two years ago, the economy faced serious challenges.
She said the challenges included high inflation, unstable exchange rates, low external reserves, and a large foreign exchange backlog.
According to her, the bank responded with well-sequenced and transparent measures such as strict monetary policy actions, stronger corporate governance, and the ongoing bank recapitalisation programme.
She said the measures, implemented in line with the Federal Government’s broader reforms, have helped stabilise key indicators.
Usoro listed recent improvements, including a drop in inflation to 16.05 per cent, a more stable exchange rate below N1,500 per dollar, and external reserves rising above 46 billion dollars, enough to cover over 10 months of imports.
She said monetary policy adjustments were also supporting lower lending rates as price pressures continue to ease.
The deputy governor noted that while progress has been made, more work is still required to strengthen macroeconomic fundamentals and improve the standard of living for Nigerians.
She added that strong collaboration among policymakers, regulators, and the media remained critical.
Usoro emphasised the role of fiscal–monetary coordination in promoting transparency, accountability, and credible policies.
She also highlighted the importance of the media in communicating reforms clearly and accurately to the public.
She thanked the organisers of the seminar, particularly the CBN’s Corporate Communications Department, and commended journalists for their consistent partnership with the bank over the years.
Usoro expressed hope that participants would identify actionable recommendations that would enhance policy alignment and contribute to better outcomes for the Nigerian economy.
“By the end of this seminar, we expect a deeper understanding of our policies and programmes, and we look forward to analysing and implementing your recommendations,” she said
Over 100 participants are involved in the 2-day capacity-building programme.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
