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The CBN’s Journey Toward Public Confidence
How Strategic Communication Helped Restore Credibility Under Olayemi Cardoso
By Zekeri Idakwo Laruba
When Olayemi Michael Cardoso assumed office as Governor of the Central Bank of Nigeria (CBN) in September 2023, he stepped into an institution facing one of the most severe credibility crises in its history. Years of unconventional monetary policies, multiple foreign exchange windows, declining reserves, rising inflation, and eroding investor confidence had weakened public trust in Nigeria’s apex bank. By late 2023, the situation had worsened: the naira was under intense pressure, inflation was climbing, and businesses struggled to plan amid uncertainty. Compounding these challenges was a communication approach widely viewed as reactive, overly technical, and insufficiently transparent—leaving room for speculation and misinformation.
Yet within two years, the narrative began to shift. While policy reforms formed the backbone of the Bank’s recovery strategy, a less visible but equally critical factor emerged: a deliberate transformation in how the CBN communicated with Nigerians, investors, financial markets, and the international community. Under Cardoso, strategic communication became a central instrument of reform.
A New Communication Philosophy
A major turning point came with the appointment of Hakama Sidi Ali as the Bank’s first female Acting Director of Corporate Communications in 2024. An internationally certified public relations professional, she assumed office at a time when the CBN needed to rebuild trust while implementing far‑reaching reforms. Her appointment marked a shift from the Bank’s traditionally conservative communication style toward one anchored in openness, consistency, accessibility, and stakeholder engagement.
Working through the Corporate Communications and Investor Relations Department, the Bank repositioned communication from a support function to a strategic pillar of monetary policy. The goal was no longer simply to issue statements, but to explain reforms, manage expectations, counter misinformation, and rebuild confidence in the institution itself.
When Communication Became Part of Reform
The CBN’s communication strategy evolved around three pillars: structured domestic engagement, proactive international outreach, and rapid response to misinformation.
Governor Cardoso became the principal voice of the reform agenda, regularly explaining complex policy decisions in clear, relatable language. Monetary Policy Committee (MPC) briefings were redesigned from highly technical announcements into platforms for public education. Policy decisions were not merely announced—they were contextualized.
For instance, when the MPC embarked on an aggressive tightening cycle that raised interest rates by a cumulative 875 basis points, the Bank acknowledged the short‑term discomfort while consistently communicating the long‑term goal: restoring price stability and protecting the economy. Similarly, the unification of Nigeria’s multiple foreign exchange windows—one of the administration’s most consequential reforms—was accompanied by sustained communication aimed at reducing uncertainty and helping stakeholders understand the rationale and expected outcomes.
This approach reflected a principle increasingly recognized by central banks globally: effective monetary policy requires not only sound decisions but also clear communication capable of shaping expectations and strengthening public confidence.
Rebuilding International Confidence
The communication strategy extended beyond domestic audiences. Recognizing that investor confidence depends as much on credibility as on policy, Governor Cardoso embarked on deliberate international engagement.
He addressed influential audiences at the Harvard Club of Nigeria, led Nigeria’s delegation to the IMF/World Bank Spring Meetings, and participated in major investor forums, including the Nigeria Investment Agenda event at the Nasdaq MarketSite in New York. These platforms enabled the Bank to communicate directly with global investors, multilateral institutions, and financial analysts about Nigeria’s reform agenda.
Rather than allowing external perceptions to be shaped by speculation, the CBN proactively presented its policy direction, reform priorities, and commitment to transparency. This consistent engagement helped reposition Nigeria’s monetary authorities as credible participants in global financial conversations.
Communication Backed by Results
Communication alone cannot restore confidence—results must follow. By the end of 2025, several key indicators reflected improving market sentiment.
The naira appreciated by about 7.4% year‑on‑year, closing around ₦1,429 to the dollar. Inflation, which had peaked at 34.8% in December 2024, declined to 15.15% by December 2025—its lowest level in years. Nigeria’s external reserves rose to US$46.8 billion, and the country successfully returned to the Eurobond market after a two‑year absence, attracting subscriptions exceeding US$9 billion. The gap between official and parallel foreign exchange markets narrowed to less than one percent, a widely recognized indicator of improving market confidence.
While these outcomes were driven primarily by monetary and fiscal reforms, the Bank’s communication strategy helped anchor expectations, improve policy understanding, and reduce uncertainty during periods of adjustment.
A New Standard for Central Banking Communication
Beyond economic indicators, the transformation was evident in public discourse. MPC briefings became widely followed by journalists, economists, investors, and the general public. Financial reporting increasingly reflected a deeper understanding of monetary policy decisions, while analysts acknowledged improvements in the Bank’s transparency and consistency.
The CBN also strengthened its capacity to respond swiftly to misinformation, particularly on digital platforms where false claims about monetary policy, currency redesign, and banking operations often circulate. This proactive approach reduced speculation and reinforced credibility during sensitive policy transitions.
Increasingly, the Cardoso administration demonstrated that communication is not an afterthought to economic reform but an essential instrument for implementing reform successfully.
The renewed communication strategy and broader reform agenda have attracted significant recognition both locally and internationally. Under Cardoso’s leadership, the CBN and its officials have received prestigious honours for central banking excellence, institutional reforms, and strategic communication. The Corporate Communications team has also earned professional recognition, underscoring the growing importance of communication in modern central banking.
While awards are not themselves measures of economic success, they highlight the extent to which the Bank’s efforts have resonated within global financial and public relations communities. More importantly, they reflect a restored confidence in Nigeria’s monetary authorities—confidence built not only on policy reforms but on the power of clear, consistent, and credible communication.
