Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been named Central Bank of the Year at the Central Banking Awards ceremony in London.

The award, handed out by Central Banking Publications, recognises central banks that have shown outstanding performance in policy, reform, and institutional strength. Cardoso received it on Thursday, June 11, 2026.

Accepting the award, Cardoso was quick to deflect personal praise. He said it belonged to the board, management, and staff of the CBN — especially the professionals who work away from public attention.

"I accept this award on behalf of the Board, Management and staff of the CBN. Above all, it belongs to the many dedicated professionals who serve our institution with integrity, expertise, and an unwavering commitment to the public good."

Cardoso was appointed CBN Governor in September 2023 by President Bola Tinubu, taking over at a turbulent time. The naira had been devalued, inflation was climbing, and confidence in the bank was shaky after the controversial tenure of his predecessor, Godwin Emefiele.

Since then, Cardoso has pushed through a series of tough reforms. He raised interest rates aggressively to fight inflation — which hit 34.6% in February 2026 before easing slightly. He also unified the foreign exchange windows, letting the naira float more freely, and invested in digital payment infrastructure.

These moves were painful. The naira lost value sharply, and many businesses struggled. But the CBN argues the reforms were necessary to restore credibility and attract foreign investment.

In his speech, Cardoso acknowledged the global pressures central banks have faced in recent years. He said Nigeria had its own unique challenges, and the CBN's reform agenda had one clear goal: restoring confidence, strengthening institutional resilience, and laying a solid foundation for sustainable growth.

The Central Banking Awards are considered a big deal in the world of monetary policy. Previous winners include the Bank of Canada and the Reserve Bank of India. Winning it puts the CBN in that company — at least on paper.

Cardoso reaffirmed the bank's commitment to its core mandate: price stability, financial system stability, and a sound payments system. He promised to keep acting with integrity and accountability.

Back home, reactions have been mixed. Some economists see the award as validation of Cardoso's tough-love approach. Others point out that ordinary Nigerians are still feeling the heat from high prices and a weak currency.

But for now, the CBN has a shiny new trophy — and a governor who insists the hard part was worth it.