Oshiomhole Endorses CBN Reforms, Calls For Strong Policy Discipline

According to Ireporter Online, the senator made the remarks in Abuja during an interactive session between members of the President’s economic team and lawmakers. At the meeting, the Governor of the apex bank, Olayemi Cardoso, was represented by the Deputy Governor in charge of Economic Policy, Muhammad Sani Abdullahi.

Oshiomhole acknowledged that he had initially expressed doubts about the leadership of the bank following its appointment by President Bola Ahmed Tinubu. However, he noted that recent policy actions had altered his stance, describing himself as a strong supporter of the current management.

He urged the apex bank to remain steadfast in its reform agenda and resist political interference, stressing that its decisions should be driven strictly by sound economic principles rather than partisan considerations.

The senator’s comments followed a presentation by Abdullahi, who provided lawmakers with an update on the CBN’s reform initiatives and their impact on the broader economy. The Deputy Governor reportedly stated that recent monetary policy measures have contributed to moderating food inflation and overall headline inflation, while also enhancing exchange rate stability.

Abdullahi reaffirmed the bank’s commitment to gradually reducing inflation to single-digit levels, describing price stability as central to its mandate. He also emphasised the need for effective coordination between monetary and fiscal authorities, noting that stronger collaboration between the CBN and the federal government’s economic managers has played a key role in promoting macroeconomic stability and restoring investor confidence.

He explained that stable prices and a predictable foreign exchange environment are critical for sustainable economic growth, as they provide businesses and investors with the certainty required for planning and long-term decision-making.

Observers say Oshiomhole’s endorsement signals a significant shift in tone, particularly given his earlier criticism of the bank’s leadership. His public backing at the session reflects growing confidence among some lawmakers in the direction of current monetary policies.

The engagement formed part of ongoing consultations between the National Assembly and the President’s economic team as authorities continue efforts to curb inflationary pressures, stabilise the naira and restore macroeconomic balance.

With inflation and exchange rate fluctuations still affecting households and businesses nationwide, the CBN’s reform agenda remains under close watch. Nonetheless, recent remarks from the Edo North lawmaker suggest that some former critics are beginning to acknowledge the tangible impact of the measures introduced so far.