CBN wins Central Bank of the Year award in London, beating global competition

The Central Bank of Nigeria (CBN) has been named Central Bank of the Year at the prestigious Central Banking Awards in London, often called the 'Oscars of Banking.' Governor Yemi Cardoso collected the award on June 10, 2026, marking a stunning turnaround for an institution that just three years ago was described as being on the brink of collapse.

Cardoso took over the CBN in 2023, inheriting what former CBN governor Sanusi Lamido Sanusi called an economy 'on the brink of hyperinflation' and 'fiscal bankruptcy.' Sanusi had warned that Nigeria looked likely to head the way of Venezuela and Zimbabwe. The naira was in free fall, inflation was rising month on month, and the CBN had lost its independence under Muhammadu Buhari's administration.

In three years, Cardoso and his team have dragged the economy back from that edge. Inflation has fallen to about 15 percent. Foreign reserves have crossed $50 billion, enough to cover over 10 months of imports. The gap between official and parallel market exchange rates has shrunk from 60 percent to about 2 percent. The CBN cleared more than $7 billion in outstanding FX obligations that had piled up under the previous regime.

'We receive this recognition with humility. We don't see it as a destination, but as encouragement to continue the important work ahead,' Cardoso said at the ceremony.

Christopher Jeffrey, editor-in-chief of Central Banking, said the CBN was honoured for 'monetary policy reforms that overturned past frameworks and resulted in widespread improvements in the country's economy.' He specifically noted the bank's disciplined monetary tightening, FX market reforms, and clearance of $7 billion in obligations.

The award also recognised the CBN's governance and transparency improvements, banking sector recapitalisation, payments modernisation, and Nigeria's removal from the Financial Action Task Force 'grey list' – all of which helped rebuild investor and public confidence.

Cardoso credited his team, saying, '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 reflected on the solemn responsibility of central banks: 'to preserve confidence, safeguard stability, and to create the conditions in which economies and societies can prosper.' He acknowledged that important work remains, but the award signals that the CBN's reforms are being noticed globally.

The recognition caps a remarkable turnaround from 2023, when the CBN was mired in opaque monetary policy, huge ways and means financing, and depleted reserves. Cardoso's insistence on orthodox monetary policy, transparency, and good corporate governance has restored the bank's credibility both at home and abroad.