Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Wednesday said disciplined monetary reforms and greater transparency in policy implementation are strengthening the country’s financial system and gradually restoring investor confidence, even as many Nigerians continue to grapple with rising living costs and economic hardship.
Speaking during a policy engagement in Abuja, Cardoso maintained that recent measures introduced by the apex bank were beginning to stabilise key macroeconomic indicators after years of distortions in the foreign exchange market and fiscal pressures that weakened investor trust.
According to him, reforms aimed at improving transparency in foreign exchange management, tightening monetary policy and rebuilding institutional credibility have attracted renewed interest from foreign portfolio investors and strengthened Nigeria’s engagement with international financial markets.
He noted that increased confidence among investors was reflected in improved foreign exchange liquidity, growing external reserves and a gradual return of capital inflows, developments he described as essential for long-term economic recovery.
However, while the CBN points to encouraging financial indicators, ordinary Nigerians say the benefits of the reforms remain largely invisible in their daily lives.
Across major cities, prices of basic commodities continue to climb sharply, with food inflation remaining one of the most pressing concerns for households. Staples such as rice, beans, cooking oil and bread have recorded multiple price increases over the past year, forcing families to reduce consumption or seek cheaper alternatives.
Housing costs have also surged, particularly in urban centres including Abuja and Lagos, where rents have doubled in some districts amid rising construction costs and inflation-driven adjustments by landlords.
Transportation fares remain elevated following the removal of fuel subsidies and fluctuations in petrol prices, while healthcare costs have risen steadily due to the depreciation of the naira and the high cost of imported medical equipment and pharmaceuticals.
Small business owners and salary earners say tightening monetary conditions, including high interest rates introduced to curb inflation, have further limited access to credit, slowing expansion plans and worsening unemployment pressures.
Economic analysts acknowledge that many of the reforms being pursued by the CBN are designed to address structural weaknesses accumulated over several years, arguing that stabilising the currency and restoring credibility with investors are necessary steps toward recovery.
They warn, however, that macroeconomic stability does not automatically translate into immediate relief for citizens.
Nigeria’s inflation rate remains stubbornly high, eroding purchasing power and offsetting wage increases across both public and private sectors. Analysts say until inflation moderates significantly and productivity improves, households are unlikely to experience meaningful relief.
Labour unions and civil society groups have repeatedly called for stronger social protection programmes to cushion the impact of reforms, warning that prolonged economic hardship could deepen poverty levels despite improvements in financial market confidence.
Cardoso acknowledged that reforms often come with short-term pain but insisted that restoring stability to the financial system was critical to achieving sustainable growth.
He said the ultimate objective was to create an environment capable of attracting investment, supporting job creation and strengthening long-term economic resilience.
For many Nigerians struggling to pay rent, transport fares or medical bills, however, the promise of future stability remains overshadowed by the immediate reality of rising prices and shrinking household incomes.
