By Damilare Adeleye
The Governor of Central Bank of Nigeria, Olayemi Cardoso, has stated that the reforms implemented by the apex bank helped ameliorate the impact of global economic shocks on Nigerians.
This was just as he asserted that if the reforms were not implemented, the country could have been facing more severe hardship.
Cardoso spoke while responding to a question on the March increase in inflation at the final briefing of the bank during the just-concluded Spring Meetings of the World Bank/International Monetary Fund in Washington, DC.
“The decisions of the MPC (Monetary Policy Committee), as we consistently emphasise, are data-driven. They are not based on emotion but on careful analysis of available information, and we respond accordingly. I am pleased that this cautious approach has proven justified by subsequent developments.
“I would also add that if we had not taken the steps we did at the time, and if the reforms had not been implemented when they were, the outcome for the country could have been far more difficult and painful,” Cardoso stated.
On Friday, the National Bureau of Statistics reported that Nigeria’s inflation rate rose to 15.38 per cent in March 2026, reversing the recent easing trend as global shocks from the US–Iran conflict pushed up energy, transport, and food costs.
The apex bank governor also acknowledged that the recent report “showed an uptick in inflation, which, quite frankly, should not be too surprising given the global disruptions taking place at this time. Much of this increase can be attributed to global shocks.”
He noted that it was important to remind ourselves that, up to this point, the country had experienced consistent deceleration in inflation.
“We had also begun the process of reducing rates, although we remained cautious. At the time, we were careful to avoid easing too early, as doing so could expose the economy to exactly the kind of shocks we are now witnessing, and that is precisely what has happened.
“There was an expectation that the central bank, given several months of deceleration, would adopt a more aggressive approach to reducing rates.
“However, this underscores an important point: members of the MPC have access to data and insights that are not always visible to the public. This situation clearly demonstrates why there was concern about potential shocks on the horizon. We wanted those uncertainties to clear before taking more decisive action.”
Cardoso insisted that the recent increase in inflation was largely the result of global shocks.
“Nonetheless, we remain committed to building resilience and staying the course on our long-standing objective of bringing inflation down to single digits,” he stated.
“Despite current challenges, we will maintain this focus because we believe it directly addresses the key concerns of Nigerians, particularly the real impact of macroeconomic developments on everyday life. Encouragingly, stability has begun to take hold, meaning that some of the negative consequences associated with instability can now be put behind us.”