Governors’ Endorse CBN’s Economic Reforms

By Oluwakemi Kindness

Nigeria’s Governors have expressed strong support for the Central Bank of Nigeria’s economic stabilisation efforts aimed at restoring price stability, curbing inflation, and rebuilding public confidence in the economy.

The support was agreed at the fifth meeting of the Nigeria Governors’ Forum (NGF) held on Thursday where the apex bank’s Governor, represented by the Deputy Governor in charge of Economic Policy, Muhammad Sani Abdullahi, briefed the governors on ongoing monetary policy measures designed to strengthen the economy.

A communiqué on Friday by the forum said the presentation highlighted the Bank’s key actions, including:

*Tightening monetary policy to reduce inflationary pressures.

*Unifying exchange rate windows to enhance transparency and market efficiency.

*Recapitalising banks to build a stronger and more resilient financial system.

According to the CBN, these measures are expected to improve liquidity management, stabilise the naira, and consolidate Nigeria’s macroeconomic recovery.

Governors praised the CBN’s collaboration with fiscal authorities, describing it as vital to sustaining growth and ensuring state-level fiscal health.

They acknowledged that while the reforms may pose short-term challenges, the long-term benefits would include stronger investor confidence, improved credit flow to productive sectors, and stable exchange rates critical to industrial growth.

The Forum also called for continued engagement between the CBN and subnational governments to align policy outcomes with the needs of states and local businesses.

Chairman of the Forum and Governor of Kwara State, AbdulRahman AbdulRazaq, reaffirmed the governors’ commitment to policies that promote fiscal discipline, economic diversification, and job creation.

“The Governors recognise the CBN’s crucial role in stabilising the economy and reaffirm their readiness to work closely with the Bank to sustain confidence in Nigeria’s financial system,” AbdulRazaq stated.