The Central Bank of Nigeria (CBN) says tighter alignment between fiscal and monetary policies, supported by stronger media engagement, is crucial to sustaining economic stability and easing pressure on households.
The Deputy Governor, Corporate Services, CBN, Emem Usoro, said this on Thursday in Lagos in a keynote address at a seminar for the finance correspondents and business editors.
The theme of the one-day seminar was: “Aligning Monetary and Fiscal Policies Towards Achieving a Robust Financial System.”
Usoro, represented by Hakama Sidi Ali, Acting Director, Corporate Communications Department, noted that the economy was confronting high inflation, FX instability, low reserves, and significant forex backlogs when the current management team assumed office two years ago.
She said ongoing reforms had restored relative stability and improved key indicators, but stressed that consistent public communication was vital to deepen understanding of policy choices and sustain confidence.
She said: “While progress has been made, more work is required to improve macroeconomic fundamentals and the standard of living for Nigerians.
“This makes partnerships among policymakers, regulators, and the media even more important.”
Usoro added that aligning fiscal and monetary decisions promotes transparency, accountability, policy discipline, and credibility, particularly as digital finance expands.
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She added that the seminar as a platform supports the CBN’s commitment to learning, collaboration and effective communication.
In his presentation, Dr. Afangideh Johnson, Assistant Director, Monetary Policy Department, said Nigeria’s macroeconomic landscape required coordinated responses to address structural weaknesses.
Johnson emphasised that aligning government borrowing with CBN liquidity forecasts would enhance monetary policy transmission and prevent crowding out private-sector lending.
He also recommended formalising the Fiscal-Monetary Policy Coordination Committee and establishing a multi-agency council to harmonise fintech, digital payment and data-protection regulations.
