Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has emerged as the African Central Bank Governor of the Year at the prestigious 2025 African Banker Awards, held in Abidjan, Côte d’Ivoire. The accolade was conferred in recognition of his “bold and strategic” policy reforms that have significantly stabilised Nigeria’s volatile foreign exchange market and restored credibility to monetary governance.
Organised by African Banker magazine in partnership with the African Development Bank Group, the 19th edition of the awards drew high-level financial stakeholders, policymakers, and bankers from across the continent to celebrate outstanding contributions to Africa’s banking and finance sectors.
In a statement released on Thursday by the CBN, the awards committee commended Cardoso’s leadership for implementing reforms that laid the groundwork for macroeconomic resilience. These include his efforts to stabilise the naira, ensure transparency in the FX market, and rebuild investor confidence, all while tightening regulatory oversight to curb market distortions.
“These efforts have laid the groundwork for long-term macroeconomic resilience and renewed investor confidence,” the committee said.
The award was received on Cardoso’s behalf by Nkiru Balonwu, Adviser on Stakeholder Engagement and Strategic Communication. She was joined by Victor Oboh, Director of the Monetary Policy Department; Olubukola Akinwumi, Director of Banking Supervision; and Aloysius Uche Ordu, a member of the Monetary Policy Committee.
Since his appointment by President Bola Tinubu in September 2023, Cardoso has been at the forefront of reforming Nigeria’s monetary and financial architecture. Among his notable moves were:
Unification of the foreign exchange market, replacing multiple exchange rates with a more transparent and market-reflective rate mechanism.
Tightened monetary policy, with interest rate hikes aimed at curbing inflation, which stood at over 33% in early 2025.
CBN balance sheet clean-up, which included audit transparency and efforts to phase out quasi-fiscal activities that distorted monetary policy objectives.
Rebuilding institutional credibility through the reinstatement of policy independence, following years of political interference.
These steps have helped Nigeria attract renewed interest from international investors and development partners, many of whom had withdrawn due to foreign exchange illiquidity and opaque policy environments.
Speaking at the event, African Banker organisers highlighted the critical role of central banks in managing African economies through global economic shocks, adding that Cardoso’s work at the CBN stands as a model for restoring fiscal discipline and regulatory credibility.
“Governor Cardoso’s leadership at a time of macroeconomic volatility has shown the importance of decisive, transparent policymaking. He has taken difficult but necessary steps to steer the economy back on track,” said Omar Ben Yedder, Group Publisher of African Banker magazine.
The apex bank reaffirmed its commitment to deepening monetary stability, improving access to credit, and supporting inclusive economic growth. Cardoso’s team, it noted, remains focused on long-term reforms, including strengthening bank supervision, digital payment integration, and inflation targeting frameworks.
With inflationary pressures, debt concerns, and subsidy reform still challenging Nigeria’s recovery, stakeholders say Cardoso’s continuity and institutional backing will be key to sustaining policy momentum.
The recognition comes as the CBN prepares to present a mid-year review of its monetary stance amid expectations that foreign reserves may rise following renewed oil exports and anticipated foreign direct investment.
Financial analysts across Nigeria hailed the award, describing it as well deserved. Bismarck Rewane, CEO of Financial Derivatives Company, noted:
“Cardoso’s disciplined and technocratic approach has restored some sanity to Nigeria’s monetary policy. The market is reacting positively, and that’s a crucial indicator.”
Meanwhile, advocacy groups have called for legislative support to protect the autonomy of the CBN, urging the National Assembly to avoid political interference that could derail the ongoing progress.