The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has disclosed that the former governor, Godwin Emefiele, operated an inefficient foreign exchange market, stating that this has put the CBN in a bad light.
He said this while speaking at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria in Lagos on Friday, noting that the CBN, under the leadership of Emefiele, deviated from the core mandate of the bank.
News About Nigeria gathered that Cardoso, who was a special guest of honour, revealed that various factors could be attributed to the deviation of the CBN, including the failure of corporate governance, diminished institutional autonomy of the Central Bank of Nigeria, the unconventional use of monetary tools, among others.
According to him, there was also a lack of clarity in the relationship between fiscal and monetary policies. All these, he noted, hindered clear access to the economy.
He further revealed that the current administration has set a target of achieving a GDP of $1tn over the next seven years, stating that sustainable and inclusive economic growth at a higher pace is necessary to reach and surpass this target.
Cardoso also disclosed that difficult decisions regarding capital adequacy will be made, including the Apex Bank directing the Deposit Money Banks to increase their capital base in order to achieve the $1tn economy projected by President Bola Tinubu.
He noted that by taking appropriate corrective actions and strategic steps, macroeconomic stability can be restored and fundamental flaws addressed.