According to the latest figures from the National Bureau of Statistics, Nigeria’s inflation rate fell to 23.71 percent in April 2025, down from 24.23 percent in March.

While the decline may appear modest, CEGMR said the reversal of the inflationary trend—particularly in food and core inflation—was a major milestone, given the cost-of-living pressures households have faced over the past year.

“Monetary policy is not magic, but discipline pays off. This turnaround reflects the CBN’s resolve to prioritise stability over short-term political convenience. Cardoso is showing Nigerians and the world that professionalism and patience still matter,” Dr. Odoma said.

The CEGMR further pointed to the CBN’s efforts in rebuilding external reserves, which recently surged past $38.9 billion, marking a significant improvement in Nigeria’s macroeconomic fundamentals.

“This signals restored credibility, and helps anchor the naira against external shocks. A few months ago, the narrative was bleak. But today, we are seeing greater confidence in the naira and fewer distortions in the foreign exchange market,” she said.

She attributed the reserve rebound to a combination of FX reforms, tightened monetary policy, and reduced short-term obligations by the CBN.

“This is a marked departure from past interventions that drained reserves without addressing core structural issues. The new CBN leadership is choosing sustainability over optics,” she added.

Dr. S Odoma said the Centre believes the apex bank is also succeeding in restoring investor confidence, pointing to international ratings agency upgrades and positive GDP forecasts as signs that the financial community is watching Nigeria’s progress closely.

“With GDP projected to grow by over 4 percent this year, the signals are promising. But they must be protected. Policy consistency must be preserved,” the group admonished.

The CEGMR stated that much of this momentum was owed to Cardoso’s emphasis on transparency and data-driven decision-making.

“He is returning central banking to its rightful role as a stabilising force—anchored in research, clear communication, and accountability. This is what had been missing,” she said.

Dr. Odoma however warned that the current gains must be deepened through coordinated action across government agencies.

She called on fiscal authorities to reinforce monetary efforts by tackling food insecurity, energy supply bottlenecks, and insecurity that affects production.

“Inflation isn’t only a monetary issue. Structural problems must also be addressed. But at least now we have a monetary policy foundation that makes progress possible.”

While acknowledging the pressures on households and businesses, CEGMR encouraged the CBN not to rush into easing interest rates prematurely.

“A premature rate cut would undo the credibility that has taken months to build. The Bank must be allowed to consolidate its gains and guide the economy toward lower inflation without risking a relapse.”

She also urged the National Assembly and other political actors to support the CBN by resisting populist pressures that could undermine its autonomy.

Dr. Odoma concluded by expressing confidence in the capacity of the Central Bank under Cardoso to steer Nigeria through its current challenges and toward long-term stability.

“The CBN’s performance under Cardoso has restored hope in responsible macroeconomic management. For the first time in years, Nigerians are beginning to see a glimmer of economic order return. That alone is worth applauding.”

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