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CBN Governor Disassociates Himself From Economic Challenges



The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said during the Monetary Policy Committee (MPC) meeting on Tuesday in Abuja that he and his team are not responsible for the current economic challenges in the country, News About Nigeria reports.

This statement comes amid rising inflation, a forex crisis, economic hardship, and protests caused by the removal of the petrol subsidy.

Addressing questions about the role of the CBN in the economic difficulties faced by Nigerians, Cardoso responded, “I laugh at that question, but it’s not a laughing matter. It is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution.”

He further stated that the CBN is committed to taking the necessary steps to restore the country’s fiscal and monetary health to normalcy.

Cardoso acknowledged the crisis of confidence and insecurity in the country, noting the non-monetary factors contributing to inflation and the role of fiscal policy in addressing the challenges.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence, and you may all want to go to bed and wish that the crisis of confidence was not there, but it was, and we can’t turn back the clock,” Cardoso explained.

“All we can do is do the difficult things to make a bad situation better, and I do believe that the efforts that we are making are beginning to bring back confidence because, to be frank, without confidence in your business, you are not going to get far.”

Cardoso’s comments come as the CBN implements various measures to address economic challenges, including raising the Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) to combat inflation and stabilise the economy.