New CBN Governor unveils plans to stabilise naira, tackle inflation

The Senate, while screening the CBN team, tasked them with addressing the issues of inflation, naira devaluation, revival of the manufacturing sector, and removal of the floating exchange rate to improve the economy and prevent it from collapsing.

The senators also expressed concern over the currency round-trip and the wide disparity between the official and parallel market exchange rates, which have been hurting the economy and the masses.

Cardoso assured the senators that he and his team would work hard to meet the expectations of Nigerians and deliver on their mandate.

He said, “We are aware of the challenges facing the economy and the people. We are not oblivious to the pain and hardship that many Nigerians are going through. We will do our best to stabilise the naira, slow down inflation, support productive sectors, and create jobs for our youth. We will also ensure that the CBN is accountable, transparent, and efficient in its operations.”