LagosExplorer reports that the International Monetary Fund has commended the Central Bank of Nigeria (CBN) for its sweeping economic reforms, noting significant improvements in naira stability and macroeconomic resilience.
The endorsement follows the CBN’s recent shift toward a more transparent and market-driven foreign exchange system, as well as decisive monetary policy actions aimed at curbing inflation and restoring investor confidence.
Under the new policy direction, the CBN moved away from rigid FX controls and adopted a more flexible exchange rate model. This has led to a notable narrowing of the gap between the official and parallel market exchange rates, reducing speculative pressure and attracting renewed foreign portfolio inflows. The stability of the naira has become a key indicator of the success of these reforms, further supported by strengthened FX reserves and improved liquidity across financial markets.
The IMF also acknowledged the CBN’s firm stance on interest rate adjustments, which have helped to cool inflation and align monetary policy with global best practices. In addition, the banking sector has shown resilience, with enhanced regulatory oversight and growing confidence in financial institutions.
These reforms, coupled with the government’s decision to phase out fuel subsidies, have contributed to restoring macroeconomic balance and positioning Nigeria for more sustainable growth. The IMF’s recognition marks a turning point for the country’s economic outlook, affirming that strong policy coordination and structural reform can yield tangible results. However, the global body also emphasized the importance of consistency in implementation to consolidate gains and ensure long-term economic stability.