The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has outlined the apex bank's strategic priorities for 2026, declaring that the coming year will focus on strengthening the banking sector, protecting depositors, modernizing payment systems, deepening financial stability, and bolstering Nigeria's economic resilience.
Speaking at the annual Bankers' Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso said the priorities reflect the CBN's core mandate and the long-term direction of the country's financial system.
Cardoso emphasised that the Bank will adopt stricter supervisory standards, enforce stronger governance frameworks, and support sustainable credit expansion as part of efforts to protect depositors and safeguard the stability of the banking system.
He described 2026 as a pivotal year in the CBN's quest to deliver what he called "durable price stability."
The inflation-targeting framework, he said, would be further strengthened through advanced data analytics capable of anchoring expectations and lowering inflation sustainably.
Cardoso highlighted significant reforms planned for Nigeria's payments ecosystem, noting that digital rails will be upgraded and contactless payments expanded.
Financial inclusion, he added, remains a top priority, with the CBN committed to broadening access to financial services nationwide.
The CBN governor reaffirmed that responsible fintech innovation will remain central to the Bank's agenda. While supporting continued expansion of digital finance, he said the CBN will impose stricter licensing standards, enhance cybersecurity, improve data-governance frameworks and introduce clearer rules for digital-asset experimentation. Consumer protection, he added, will be non-negotiable.
To reinforce institutional efficiency, Cardoso said the CBN will strengthen staff capacity, streamline processes, and eliminate bottlenecks in approvals and licensing.
The Bank will also deepen partnerships with domestic and international regulators to uphold Nigeria's reputation as a trusted central bank.
"These priorities are practical, measurable and fully aligned with our mandate to safeguard monetary and financial stability," he said.
Cardoso made a firm declaration that the CBN will no longer finance government deficits, saying the practice has been discontinued permanently as part of a shift toward stronger monetary and fiscal discipline.
"There will be no return to the practice of financing fiscal deficits by the Central Bank," he stated, noting that fiscal authorities are complementing this stance through key reforms including the creation of a National Revenue Agency, enhancements to the Treasury Single Account, and the implementation of a Revenue Optimisation framework.
He said tighter coordination between fiscal and monetary authorities will deepen as Nigeria transitions toward a full-fledged inflation-targeting regime.
Cardoso highlighted major strides in digital finance made in 2025. The extension of the Payment System Vision roadmap to 2028, he said, is accelerating the modernisation of payments infrastructure and strengthening cybersecurity.
He disclosed that more than 12 million contactless payment cards are now in circulation, while over 40 fintech innovators are operating in the CBN's regulatory sandbox, supporting responsible scaling of digital solutions.
Cardoso also pointed to a strong rebound in foreign capital inflows, which reached US$20.98 billion in the first 10 months of 2025, representing a 70 per cent increase over total 2024 inflows and a remarkable 428 per cent rise compared to 2023.
He added that Nigeria's current-account balance climbed by over 85 percent to US$5.28 billion in the second quarter of 2025, while foreign-exchange reserves rose to US$46.7 billion by mid-November -- the highest in nearly seven years.
He stressed that what made this reserve buildup significant was that it was achieved organically. "Our FX reserves are being rebuilt not by borrowing, but through improved market functioning, stronger non-oil exports, and robust capital inflows," he said.
Cardoso concluded that the CBN will continue to steer monetary policy with discipline, enhance regulatory collaboration, deploy artificial intelligence to strengthen decision-making, and sustain reforms that support a resilient and forward-looking economy.