CBN Governor Cardoso: We’re Steering Nigeria’s Economic Recovery, Not Hindering It

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has absolved the apex bank of any responsibility for the current economic hardship that Nigerians are facing.

Cardoso made this statement while answering a question posed to him by LEADERSHIP at the end of the Monetary Policy Committee (MPC) meeting in Abuja on February 27, 2024.

According to the CBN governor, the bank is not responsible for the woes of today and is instead working as part of the solution to get the country out of the current economic mess.

He emphasized that the bank assumed responsibility at a time of crisis of confidence and that all they can do now is to make a bad situation better.

The current economic situation in Nigeria is characterized by high inflation figures, with food inflation nearing 40 percent and an exchange rate that has seen the value of the Naira plummet to N2,000 to a dollar in recent times.

Despite these challenges, Governor Cardoso remains confident that the CBN is taking the necessary steps to address the issues and improve the country’s economic situation.

As the country continues to grapple with economic challenges, the role of the Central Bank in implementing effective monetary policy remains crucial in ensuring a stable and prosperous future for Nigeria.

The statements made by Governor Cardoso provide reassurance that the bank is committed to working towards a better economic environment for all Nigerians.