The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has formally received the prestigious 2026 Central Bank of the Year Award in London, describing the recognition as a tribute to the resilience, professionalism and commitment of the institution’s workforce rather than a personal achievement.
The award, presented during the 2026 Central Banking Awards ceremony, places Nigeria’s apex bank among the world’s most highly regarded monetary authorities and marks one of the most significant international recognitions received by the CBN in recent years.
Receiving the award on June 10, 2026, Cardoso dedicated the honour to members of the Board, Management and Staff of the Central Bank of Nigeria, praising their dedication to rebuilding confidence in the nation’s financial system amid challenging economic conditions.
“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 Central Banking Awards Committee named the Central Bank of Nigeria as the 2026 Central Bank of the Year, citing the institution’s bold reforms aimed at reversing years of unconventional monetary practices, restoring policy credibility and rebuilding investor confidence.
According to the awards committee, the CBN under Cardoso embarked on a decisive policy reset that included tighter monetary policy, reforms in the foreign exchange market, stronger governance structures, and improved transparency in financial management.
The committee specifically highlighted the bank’s efforts to:
- Reverse years of unorthodox monetary financing;
- Restore confidence in Nigeria’s foreign exchange market;
- Clear billions of dollars in outstanding FX obligations;
- Strengthen governance and transparency within the institution;
- Advance banking sector recapitalisation;
- Modernise payment systems; and
- Support Nigeria’s removal from the Financial Action Task Force (FATF) grey list.
Chairman of the Central Banking Awards Committee, Christopher Jeffery, said the Nigerian central bank demonstrated institutional courage and resilience in implementing difficult reforms designed to strengthen macroeconomic stability and support long-term growth.
The award comes less than three years after Cardoso assumed office as CBN Governor in October 2023, following a period marked by severe economic pressures, exchange rate distortions, rising inflation and declining investor confidence.
Since then, the apex bank has pursued an aggressive reform agenda aimed at restoring confidence in monetary policy and repositioning Nigeria’s financial system.
Speaking after receiving the award, Cardoso acknowledged that central banks across the world had faced unprecedented economic challenges in recent years, adding that Nigeria was no exception.
He noted that the CBN had been compelled to take difficult but necessary decisions to address inflationary pressures, stabilise the foreign exchange market and strengthen critical financial infrastructure.
According to him, the reform programme has always been guided by a clear objective: restoring trust in Nigeria’s monetary system while laying the foundation for sustainable economic growth.
Financial analysts and economic observers have described the award as a major endorsement of the CBN’s policy direction and a signal that international financial institutions are taking notice of Nigeria’s reform efforts.
The recognition follows the announcement in March 2026 that the Central Bank of Nigeria had emerged winner of the Central Bank of the Year category during the 13th annual Central Banking Awards. The London ceremony formally marked the presentation of the award to Governor Cardoso.
Observers note that the honour is particularly significant because the Central Banking Awards are regarded as one of the most respected recognitions within the global central banking community, celebrating excellence in monetary policy, governance, financial stability and institutional performance.
Despite the recognition, Cardoso stressed that the award should not be viewed as the destination but as encouragement to continue the difficult work of economic transformation.
He expressed gratitude to the Federal Government, development partners, market participants and Nigerians whose confidence, he said, has helped support ongoing reforms.
“We receive this recognition with humility,” he stated. “We see it not as a destination, but as encouragement to continue the important work ahead.”
The CBN Governor reaffirmed the institution’s commitment to safeguarding monetary and financial stability while maintaining professionalism, accountability and transparency in the discharge of its mandate.
For many economists, the award represents more than international acclaim. It is seen as a symbolic recognition of Nigeria’s efforts to restore credibility to its monetary framework and reposition its economy for sustainable growth.
As Nigeria continues to grapple with inflation, exchange rate volatility and broader economic challenges, the global recognition of the Central Bank of Nigeria underscores the growing international confidence in the country’s reform trajectory and its commitment to rebuilding economic stability.
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