CBN Wins NES Award As Cardoso Hails Validation of Macroeconomic Reforms

The Central Bank of Nigeria (CBN) has received the Distinguished Organisation Award from the Nigerian Economic Society (NES) in recognition of its institutional reforms and contributions to macroeconomic stability and economic development.

Key Highlights

• CBN receives the Nigerian Economic Society’s Distinguished Organisation Award for institutional reforms and economic development.
• NES recognised the apex bank’s reforms in monetary policy, foreign exchange and the financial sector.
• Key reforms include FX market changes, settlement of outstanding FX obligations and the end of ways and means financing.
• NES also highlighted the banking sector recapitalisation and Payment System Vision 2028.
• The society said the reforms have supported stronger reserves, improved FX stability and reduced the gap between official and parallel markets.

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, Victor Oboh, received the award on behalf of the apex bank’s Governor, Olayemi Cardoso.

The recognition follows a series of reforms introduced by the apex bank over the past three years across the monetary, foreign exchange and financial sectors.

Among the measures highlighted by the NES were reforms to the foreign exchange market, the settlement of longstanding foreign exchange obligations, the discontinuation of ways and means financing to the federal government and the implementation of the Payment System Vision 2028.

The society also cited the recapitalisation of the Nigerian banking industry, which is aimed at strengthening the resilience and competitiveness of banks and improving their capacity to participate in the global financial system.

According to the organisers, the reforms have contributed to improvements in a number of macroeconomic indicators, including easing inflationary pressures, stronger external reserves and greater stability in the foreign exchange market.

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The NES also noted that the gap 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 CBN attributed the developments to its ongoing policy measures aimed at restoring confidence in the economy and strengthening Nigeria’s monetary and financial system.

The latest award adds to the recent recognition received by the apex bank following its emergence as Global Central Bank of the Year.

Reacting to the honour, Cardoso described the award as an endorsement of the CBN’s reform efforts and commitment to national 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 encourage the bank to remain focused on maintaining macroeconomic stability, strengthening the financial system and supporting sustainable economic growth.

He added that the CBN would continue to implement reforms and introduce innovations in line with its mandate.

“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 said.

The award comes as the apex bank continues to pursue reforms across the monetary, foreign exchange and financial sectors as part of efforts to strengthen economic stability and restore confidence in Nigeria’s financial system.

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