Key pointsCBN says restrictive monetary policy helped moderate money supply growth and supported disinflation in 2025. The apex bank disclosed this in its 2025 Annual Report, noting that although its monetary policy stance remained largely restrictive during the year, persistent disinflation enabled the Monetary Policy Committee (MPC) to begin easing measures from September. The issuesThe CBN maintained a tight monetary policy stance through most of 2025 to curb inflation while implementing reforms aimed at improving foreign exchange market transparency and restoring investor confidence. What’s being said“Although monetary policy was largely restrictive in 2025, an easing cycle was initiated at the September MPC, as disinflation persisted.” Bottom lineThe CBN says its combination of tight monetary policy and foreign exchange reforms helped stabilise key macroeconomic indicators in 2025, laying a stronger foundation for investor confidence and economic stability.