The demand comes as the CBN projects a positive economic outlook for Nigeria in the second half of 2025, declaring that the country has entered its most stable phase of recovery in more than ten years.
The request for transparency was made by the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East). The committee insisted that public confidence in the nation’s monetary system depends on the CBN offering a clear response to the Auditor-General’s query.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and steadily reducing inflation, Abiru commended the apex bank for the positive economic indicators recorded since the beginning of the year. He, however, urged the bank to sustain its momentum into 2026.
“These positive indicators have not gone unnoticed globally,” the chairman said.
“I commend the Bank and its leadership for earning the country favourable ratings from Fitch and S&P Global Ratings, which reflect improved investor sentiment, policy credibility, and macroeconomic stability.”
CBN Outlines Economic Progress
In his presentation, CBN Governor Olayemi Cardoso delivered an extensive review of the economy, stating that Nigeria is witnessing renewed macroeconomic stability driven by bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management introduced since mid-2025.
Cardoso reported that real GDP grew by 3.98% in the third quarter of 2025—higher than the 3.86% recorded in the same quarter in 2024, though slightly below the previous quarter’s figure.
He identified major contributors to the growth as crop production, ICT, real estate, and financial and insurance services.
The CBN governor also noted a significant decline in inflation, which fell for seven consecutive months to 16.05% in October 2025 from the November 2024 peak of 34.6%—the lowest level in three years.
Food inflation dropped to 13.12% in October from 21.87% in August.
“This steady disinflation is restoring real purchasing power for households and businesses, and we remain fully committed to achieving single-digit inflation in the medium term,” he said.
Cardoso further highlighted improvements in the foreign-exchange market, stating that the once-wide gap between official and parallel market rates has narrowed to less than 2%, down from over 60% within a year—an indication of increasing investor confidence.
The Senate committee is now awaiting the CBN’s formal response as the matter gains national attention.
