Group Rates CBN High On Financial Governance, Transparency

Mr Yomi David, Executive Director, Transparency Advocacy for Development Initiative (TADI), has commended the Central Bank of Nigeria (CBN) for improved financial governance, transparency, and policy implementation.
This is contained in an independent quarterly assessment report signed by David and made available to journalists on Monday in Abuja.
The report assessed the bank’s performance under its Governor, Mr Yemi Cardoso, focusing on financial results, transparency, policy coherence, and institutional accountability using public records and media reports.
It revealed a steady shift towards improved financial governance, increased transparency, and better coordination in policy implementation, but acknowledged persisting challenges in inflation control and exchange rate volatility.
According to the report, the CBN moved from a N1.3 trillion deficit in 2023 to a N165 billion surplus in 2024, reflecting stronger income generation, including FX revenues, and improved cost control measures.
“Reserves grew from $36.6 billion (2023) to $38.8 billion (2024), with further increases in 2025.
“FX Market Reforms: Unified the FX window under a ‘willing buyer, willing seller’ model and cleared backlog of verified FX obligations.
“Inflation Control & Currency Stability: Inflation remains high but is beginning to trend downward. CBN implemented tightened monetary policy, including rate hikes and liquidity mops,” David said.
He noted that in terms of transparency and institutional reform, the CBN had published financial statements in line with IFRS and launched a 10-point reform agenda to improve governance and exit quasi-fiscal roles.
David said the performance ratings showed an effectiveness score of 6.5, with progress in foreign exchange and reserves management but inflation still high, while transparency and governance scored 7.5, with better reporting and reforms underway.
“The CBN under this administration demonstrates moderate to strong consistency, particularly in policy direction, transparency, and financial discipline.
“However, inflation control and FX volatility continue to challenge its effectiveness,” David added.