The Central Bank of Nigeria has published a special edition of its CBNUPDATE publication marking two years under Governor Olayemi Cardoso, presenting a progress report on the Bank’s 2024–2028 strategy and the shift toward a compliance-led operating model. The edition highlights outcomes across monetary policy, foreign exchange market reforms, banking sector recapitalisation, consumer protection, AML/CFT supervision, digital transformation, and financial inclusion. On monetary policy, the publication notes an end to Central Bank of Nigeria “Ways and Means” financing and an approximate 750 basis point rise in the Monetary Policy Rate to 27.5% by mid-2025, followed by a 50 basis point cut in September 2025; it cites inflation easing after peaking above 33% in mid-2024. In foreign exchange, it points to FX window unification into the Nigerian Foreign Exchange Market, the launch of the Electronic Foreign Exchange Matching System in December 2024 and the Nigeria FX Code in January 2025, and reserves rising to above USD 43 billion, with EFEMS reported to handle over 85% of FX trades. Banking reforms include the recapitalisation programme launched in April 2024 with a 31 March 2026 deadline and a reported 14 banks already meeting new capital requirements, alongside Bureau de Change reforms that introduced a two-tier licensing framework (NGN 2 billion minimum capital for Tier 1, NGN 500 million for Tier 2) and revoked 4,173 BDC licences in March 2024. On consumer protection and inclusion, the report cites resolution of over 40,000 complaints and nearly NGN 30 billion in refunds, rollout of tools including the Unified Complaints Tracking System, and diaspora initiatives including Non-Resident BVN and non-resident account frameworks; it also summarises dormant account rules requiring publication of dormant account details and transfer of balances dormant for at least 10 years to an Unclaimed Balances Trust Fund Pool Account managed by the Central Bank of Nigeria, with refunds to verified beneficiaries within 10 working days. Looking ahead, the publication frames the strategy’s third year as a consolidation phase, including completion of a transition toward a full inflation-targeting framework, scaling supervisory technology, and deepening inclusion through digital channels. It also references ongoing work to address deficiencies associated with the Financial Action Task Force grey list status, with an expected delisting decision at the October 2025 FATF plenary, and notes that draft requirements have been issued for stakeholder input in areas including Consumer Protection Regulations 2.0 and baseline standards for automated AML solutions.

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