The CBN’s Journey Toward Public Confidence, by Zekeri Idakwo Laruba

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…