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The Central Bank of Nigeria has received the Nigerian Economic Society’s Distinguished Organisation Award for its economic and institutional reforms.
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The NES cited reforms to the FX market, the clearance of outstanding FX obligations, banking recapitalisation and the end of Ways and Means financing.
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The society linked the measures to stronger external reserves, greater FX stability and improvements in remittances, capital inflows and investor confidence.
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CBN Governor Olayemi Cardoso said the recognition reinforced the bank’s commitment to macroeconomic stability and a more resilient financial system.
September 10, (THEWILL) – The Central Bank of Nigeria (CBN) has received the Nigerian Economic Society’s Distinguished Organisation Award, with the professional body recognising reforms undertaken by the apex bank across Nigeria’s monetary, foreign exchange and financial sectors.
The award was presented at the 67th Annual Conference of the Nigerian Economic Society (NES), held in Abuja from September 7 to 10, 2026. Dr Victor Oboh, Director of the CBN’s Monetary Policy Department, received the award on behalf of Governor Olayemi Cardoso.
The recognition comes after three years of policy changes at the central bank, including reforms to the foreign exchange market, the clearance of outstanding FX obligations and the discontinuation of Ways and Means financing to the Federal Government.
Other measures cited include the ongoing recapitalisation of Nigerian banks and the implementation of the Payment System Vision 2028, as the CBN seeks to strengthen the financial system and improve monetary policy effectiveness.
According to the NES, the reforms have contributed to improvements in some macroeconomic indicators, including external reserves, inflationary pressures and foreign exchange market stability. The society also cited a narrowing of the gap between official and parallel-market exchange rates to below two per cent, alongside improvements in remittances, capital inflows and investor confidence.
The claims come against the backdrop of the economic pressures facing Nigerian households and businesses following major fiscal and monetary policy adjustments in recent years. Inflation, borrowing costs and exchange-rate movements have remained important concerns, making the sustainability of recent improvements a key test of the CBN’s policy direction.
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“The Distinguished Organisation Award is a testament to the Central Bank of Nigeria’s unwavering pursuit of excellence, institutional resilience, and commitment to national development,” he said.
Cardoso said the bank would continue pursuing macroeconomic stability and financial-sector resilience while implementing reforms aimed at supporting sustainable economic growth.
The NES award adds to recent recognition received by the CBN for its policy programme, as the bank seeks to rebuild confidence in monetary management and consolidate changes introduced since Cardoso assumed leadership.
Segun Adeyemi serves as the Associate Editor of THEWILL Newspaper, leveraging more than ten years of editorial expertise and a proven track record in mainstream journalism.
