By Onu Okorie

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday formally received the prestigious Central Bank of the Year Award at the Central Banking Awards ceremony in London, dedicating the honour to the Board, management, and staff of the apex bank for their commitment to institutional reform and economic stability.

Speaking during the award presentation, Cardoso described the recognition as a collective achievement of the Central Bank of Nigeria rather than a personal accolade, praising the dedication and professionalism of the institution’s workforce.

“I accept this award on behalf of the Board, Management and staff of the Central Bank of Nigeria,” Cardoso said. “Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good.”

The CBN Governor expressed gratitude to Central Banking Publications and the award judges for the recognition and congratulated other institutions and individuals honoured at the event.

Cardoso noted that central banks around the world have faced significant challenges in recent years, with Nigeria grappling with its own economic pressures and policy hurdles. He highlighted a series of difficult but necessary reforms undertaken by the CBN, including measures to curb inflation, major changes in the foreign exchange market, and investments in digital and financial infrastructure aimed at supporting long-term economic growth.

According to him, the Bank’s reform agenda has been driven by a clear objective of restoring confidence, strengthening institutional resilience, enhancing policy credibility, and laying the foundation for sustainable economic development.

The Governor also pointed to major achievements recorded during the period, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list and the successful completion of the banking sector recapitalisation exercise. He noted that these milestones were the result of coordinated efforts among various institutions and stakeholders.

While acknowledging that significant work remains ahead, Cardoso expressed optimism about the progress achieved so far and the growing confidence within the economy.

He credited the Federal Government, market participants, development partners, and the Nigerian people for supporting the reform process and helping to drive positive outcomes.

“We receive this recognition with humility,” he said. “We see it not as a destination, but as encouragement to continue the important work ahead.”

Reaffirming the Central Bank’s commitment to its mandate, Cardoso pledged continued efforts to preserve public trust, safeguard monetary and financial stability, and uphold the highest standards of integrity, professionalism, and accountability.

The award represents a significant international endorsement of the Central Bank of Nigeria’s reform efforts at a time when monetary and financial sector reforms remain central to the country’s economic recovery strategy and long-term growth agenda.