CBN Governor, Olayemi Cardoso, Dismisses Blame for Nigeria’s Economic Struggles.

In a recent statement, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), refuted claims that he and his team are accountable for the nation’s ongoing economic challenges.

Addressing reporters during the Monetary Policy Committee (MPC) meeting held on Tuesday, February 27, 2024, in Abuja, Cardoso emphasized that since assuming office in September 2023, his administration has been proactive in implementing measures to stabilize the country’s fiscal and monetary landscape.

Despite facing a crisis of confidence upon taking office, Cardoso asserted that the CBN is actively working to restore trust and address the prevailing economic turmoil. He stressed the importance of understanding that the current leadership is focused on being part of the solution rather than the cause of the problem.

In response to accusations implicating the CBN in the nation’s economic downturn, Cardoso remarked, “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.”

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He further added, “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.”

Cardoso emphasized the necessity of taking decisive actions to improve the current situation, highlighting the progress made in rebuilding confidence in the business sector.

Key points to note:

• The CBN recently increased the monetary policy rate (MPR) by 400 basis points to a historic 22.75%, the highest level recorded.
• Other measures taken include raising the Cash Reserve Ratio to 45% and maintaining the liquidity ratio at 30%, along with adjustments to the Asymmetric Corridor to +200/-700.
• The decision to raise the MPR was made in response to the inflation rate reaching 29.90%, as part of efforts to combat inflationary pressures.

By reiterating the commitment to addressing economic challenges while implementing necessary reforms, Governor Cardoso aims to foster confidence and pave the way for economic recovery in Nigeria.

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