Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has pledged that the institution will utilize its authorized powers to address the foreign exchange shortage within the country.
During a recent visit by a group of investors to the bank’s headquarters in Abuja, he assured them that his team would rectify identified issues and create a favourable environment for various investor categories in the Nigerian economy.
Mr. Cardoso also disclosed his intention to formally unveil his strategy for the monetary and financial sector in the coming days, emphasizing the significance of credibility and transparency in implementing CBN’s monetary policies. In pursuit of this objective, he highlighted the bank’s commitment to enhancing its data collection system to ensure that decisions are based on reliable and verifiable information.
According to him, “The CBN will also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy.”
Expanding on liquidity management, he expressed that his team’s immediate objective is to tackle underlying structural issues in the financial system that initially led to the liquidity challenge.
Regarding the collaboration between the monetary and fiscal authorities, the new CBN Governor emphasized the importance of maintaining a consensus to align their positions on interest rates and inflation. Nevertheless, he stressed that the bank would remain receptive to diverse perspectives as it strives for increased transparency.
Mr. Cardoso also stated that the central bank’s role would primarily involve offering strategic policy support to pivotal sectors of the economy, while deferring to experts within other relevant agencies for their expertise in managing those essential sectors.
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