Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has addressed concerns regarding Nigeria’s economic challenges, asserting that neither he nor his team bear responsibility for the nation’s current hardships.
Amid widespread discontent over the state of the economy, exacerbated by recent government reform policies, Cardoso sought to clarify the CBN’s role in navigating Nigeria’s fiscal landscape.
President Bola Tinubu’s announcement of economic reforms last May, including the removal of fuel subsidies and the adoption of a floating exchange rate for the national currency, the naira, sparked considerable debate and criticism.
Speaking at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, Cardoso reaffirmed the CBN’s commitment to addressing the prevailing economic difficulties.
As reported by Dailytrust, he emphasized that while the challenges facing Nigeria are significant, the central bank is actively pursuing measures to restore stability to the country’s fiscal and monetary frameworks.
Responding to queries regarding the role of CBN policies in contributing to Nigeria’s economic downturn, he stressed that the CBN, under his stewardship, is not to blame for the current state of affairs but rather is working diligently to ameliorate the situation.
Cardoso said: ”I laugh at that question but it’s not a laughing matter and I think 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.”
“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; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.”
“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.”
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