Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that the current management of the apex bank has made significant strides in achieving its mandate of ensuring monetary and price stability. Speaking in Abuja after presenting the communiqué from the 307th meeting of the Monetary Policy Committee (MPC), Cardoso reflected on the bank's progress over the past three years. He noted that it was a challenging period when the bank assumed leadership, with lost confidence in the institution and the country.
Cardoso recalled that the CBN was facing a tough situation, with the Nigerian currency regularly depreciating, making it difficult for people to plan and leading to widespread panic. Many individuals externalized their savings to protect their hard-earned money. The rating agencies had also expressed concerns about the country's future without radical reform. However, Cardoso emphasized that the current leadership of the CBN, which assumed office in 2023, has been instrumental in helping the MPC and him as the governor.
According to Cardoso, the first major achievement of the current management was taking the bank back to its core mandate. He noted that the previous administration had dropped the economy into a huge crisis through Ways and Means, with N23.7 trillion per capita. This had fueled inflation and created a sorry situation. The bank also had interventions worth over N10 trillion. Cardoso stated that the CBN's responsibility was to restore stability and maintain both price and financial stability.
The CBN governor highlighted that one of the bank's proudest moments has been its ability to take the right decisions to restore stability. He mentioned that the bank had to address a dysfunctional foreign exchange market with multiple rates. The current management has worked to resolve these issues, and Cardoso expressed satisfaction with the progress made so far. The bank's efforts have been focused on achieving its mandate and stabilizing the economy.
Cardoso assumed leadership of the CBN three years ago, and since then, the bank has made significant progress. He noted that the bank's crop of leaders has been very helpful in achieving its goals. The MPC has been working closely with the governor to ensure that the bank's mandate is fulfilled. Cardoso's reflections on the bank's progress come at a time when Nigerians are looking for signs of economic stability.
The CBN's efforts to restore stability have been multifaceted. The bank has worked to address inflation, which had become a major challenge. Cardoso noted that the bank's decisions have been focused on achieving price and financial stability. The bank's interventions have also been aimed at supporting the economy and promoting growth. The CBN's progress has been significant, and Cardoso expressed optimism about the future.
The CBN governor's reflections on the bank's achievements come as Nigerians look forward to sustained economic growth. The bank's efforts to restore stability and achieve its mandate have been noteworthy. Cardoso's statement highlights the bank's progress and its commitment to ensuring monetary and price stability. The CBN's work will continue to be crucial in promoting economic growth and stability in Nigeria.
Key points
- The CBN has made significant progress in achieving its mandate of ensuring monetary and price stability.
- The bank has worked to address inflation and restore stability in the foreign exchange market.
- The current management of the CBN has been instrumental in helping the MPC and the governor achieve the bank's goals.
