Bamidele Famoofo
The Central Bank of Nigeria (CBN) has advocated for an alignment between monetary and fiscal policies to achieve a robust financial system.
Emem Usoro, deputy governor of CBN (Corporate Services), made the remarks in her keynote address at the two-day Seminar for Finance Correspondents and Business Editors, that commenced in Lagos on Thursday.
Themed “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System,” the seminar brought together leading editors and finance correspondents to discuss strategies for improving policy communication and coordination between government agencies.
Usoro was represented by the CBN acting director, Corporate Communications, Mrs Hakama Sidi-Ali.
In her address, Usoro highlighted the challenging macroeconomic environment the country faced when the current CBN management team, led by Governor Olayemi Cardoso, assumed office two years ago. She noted high inflation, currency volatility, limited external reserves, and heavy dependence on ways and means financing as key stressors on the financial system.
“Guided by strong and transparent leadership, the Bank implemented well-sequenced and compliance-driven measures, including orthodox monetary policies, strengthened corporate governance, and ongoing bank recapitalisation,” Usoro said. “These actions, aligned with the Federal Government’s reform agenda, have helped restore stability and improve key macroeconomic indicators.”
The Deputy Governor cited notable achievements, including a decline in inflation to 16.05 per cent, stabilization of the naira at below ₦1,500 per dollar, and external reserves exceeding $46 billion, representing over 10 months of import cover. She added that monetary policy adjustments are also supporting lower lending rates as inflation continues to ease.
Usoro emphasized the importance of media engagement in conveying the impact and benefits of CBN reforms to the public. She said better coordination between fiscal and monetary authorities, coupled with clear communication, promotes transparency, accountability, and policy credibility, ultimately improving economic outcomes and citizens’ well-being.
The seminar, according to Usoro, provides an opportunity for open discussion, actionable recommendations, and knowledge sharing between policymakers and the media. She expressed optimism that participants would leave with deeper insights into how fiscal and monetary policies can be aligned to enhance policy outcomes and strengthen Nigeria’s financial system.
“Be assured that we will carefully analyse and aspire to implement the recommendations of your discussions,” she said, thanking participants and the Corporate Communications Department of CBN for organizing the event.
Usoro concluded by urging attendees to use the seminar as a platform to support the Bank’s commitment to improving policy transparency and fostering sustainable growth in Nigeria’s financial sector.
