The International Monetary Fund has backed the Central Bank of Nigeria's monetary policy realignment, describing the adjustment as appropriate following progress in reducing inflation while noting that the overall stance remains tight. CBN Governor Olayemi Cardoso said the foreign exchange crisis forced Nigeria to look beyond oil for inflows after net foreign reserves fell to about $3 billion and outstanding forex backlogs exceeded $7 billion. He cited independent Monetary Policy Committee decisions, transparency and consistent communication as drivers of market confidence, and explained the rationale for a 350-basis-point reduction in the Monetary Policy Rate at the September 2026 MPC meeting. Fitch also revised its outlook on nine Nigerian banks to positive.
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