Nigeria: Senate Grills CBN Over Banking Reforms, Inflation, Fx Policies, Demands Credit Expansion

What the report says

AllAfrica, carrying a This Day report from Abuja, said Nigeria’s Senate questioned the Central Bank of Nigeria during a statutory oversight session on 22 July 2026, focusing on monetary policy, bank recapitalisation, inflation, foreign exchange reforms and the CBN’s financial operations. The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Mukhail Adetokunbo Abiru, said recent reforms should result in more lending to productive sectors, not just stronger bank balance sheets.

Lawmakers sought explanations on banks that have not met new capital requirements, consumer complaints over charges and failed electronic transactions, cybersecurity, financial inclusion, naira-note quality, audited accounts and the CBN’s use of Open Market Operations. Abiru also raised concern that outstanding OMO bills reportedly rose from about N24.3 trillion in 2024 to N48.7 trillion in 2025, and said stronger banks should support agriculture, manufacturing, infrastructure, technology and small businesses with affordable credit.

CBN Governor Olayemi Cardoso, appearing with four deputy governors and senior directors, defended the policy stance. According to the report, he said reforms over the past three years had improved macroeconomic stability, investor confidence and foreign exchange market conditions. He cited inflation easing from 15.93% in May to 15.91% in June after a temporary rise, an average first-half 2026 exchange rate of N1,375.40 to the dollar, external reserves of $52.73 billion as of 9 July, and official diaspora remittances increasing from about $200 million to more than $600 million monthly.

The report also said the Senate began steps to require NNPCL and around 40 other ministries, departments and agencies to appear before its Finance Committee over alleged unaccounted public revenues and repeated failure to honour invitations. That issue was reported separately from the CBN oversight exchange.