CBN Governor Says Global Shocks Drove Inflation Spike, Reforms Averted Crisis

The Central Bank of Nigeria has defended its recent policy approach after headline inflation rose to 15.38% in March 2026—the first uptick since March 2025. Governor Olayemi Cardoso told the IMF/World Bank Spring Meetings in Washington that external shocks from the US-Iran conflict disrupted energy and food markets, causing the rise. Cardoso explained that the Monetary Policy Committee held back on aggressive rate cuts despite public pressure. He said careful, data-driven decisions helped Nigeria avoid far worse economic fallout. Finance Minister Wale Edun added that key reforms—like a market-reflective foreign exchange regime and market-based petrol pricing—have strengthened Nigeria’s resilience. Both officials stressed that without these changes, the current global crisis would have dealt a heavier blow to ordinary Nigerians.

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