Olayemi Cardoso, governor of the Central Bank of Nigeria, on Friday set out the Bank’s strategic direction for 2026, stating that the year ahead will centre on strengthening the banking system, protecting depositors, modernising payments, and supporting Nigeria’s economic resilience.
Speaking at the Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos, he said the priorities reflect the CBN’s mandate and the direction in which the financial system will be guided.
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Banking stability and supervision
Cardoso said the Bank will safeguard the stability of the banking sector through rigorous supervision, stronger governance standards, and measures that support sustainable credit growth. He noted that protecting depositors remains non-negotiable as the institution tightens its focus in 2026.
He added that the CBN intends to deliver “durable price stability”, explaining that its inflation-targeting framework will be refined using advanced analytics to anchor expectations and lower inflation in a sustainable manner.
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Payments modernisation and inclusion
Cardoso stressed that modernising the country’s payment systems and expanding financial inclusion will remain central to the 2026 agenda. He said digital rails will be strengthened while contactless payments continue to expand across the economy. According to him, more than 12 million contactless payment cards are already in circulation.
He said the Bank will support responsible fintech growth but will place emphasis on consumer protection, cybersecurity, financial integrity, stronger data-governance standards, stricter licensing conditions, and clearer guardrails for digital-asset experimentation.
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Internal reforms and partnerships
Cardoso said the CBN is stepping up internal reforms by improving staff skills, streamlining processes, and removing bottlenecks in licensing and approvals. According to him, these steps are aimed at building a more agile and responsive institution.
He added that the Bank will deepen partnerships with regulators, industry stakeholders, and international institutions to reinforce Nigeria’s position as a trusted central bank. “These priorities are not abstract aspirations; they are practical, measurable, and fully aligned with our mandate to safeguard monetary and financial stability,” he said.
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No return to deficit financing
Cardoso made it clear that there will be “no return to the practice of financing fiscal deficits by the Central Bank”. He said the decision reflects a commitment to monetary and fiscal discipline.
He noted that fiscal authorities are supporting this stance through institutional reforms, including the implementation of the Revenue Optimisation framework, creation of a new National Revenue Agency, and upgrades to the Treasury Single Account to improve revenue mobilisation and strengthen public financial management.
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Digital-finance momentum and capital inflows
Cardoso said Nigeria’s digital-finance transformation accelerated in 2025 following the extension of the Payment System Vision roadmap to 2028. He noted that the regulatory sandbox now includes more than 40 fintech innovators.
He highlighted a strong rebound in foreign-capital inflows, which reached US$20.98 billion in the first ten months of 2025. This represents a 70 percent rise over total inflows in 2024 and a 428 percent increase from US$3.9 billion in 2023.
He added that the current-account balance rose by more than 85 percent in the second quarter of 2025 and that foreign-exchange reserves reached US$46.7 billion by mid-November, providing over ten months of import cover. According to him, “Our FX reserves are being rebuilt organically, not by borrowing, but through improved market functioning, stronger non-oil exports, and robust capital inflows.”
