The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, along with the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; the Minister of Budget and National Planning, Atiku Bagudu; and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, appeared before the House of Representatives to address the current state of the Nigerian economy on Tuesday.
During the session in Abuja, the CBN governor briefed the lawmakers on the depreciation of the naira and other monetary issues affecting the economy.
Lawmakers expressed concerns over the ongoing depreciation of the Nigerian currency in the foreign exchange market, as reported by Channels TV.
Cardoso, while addressing the lawmakers, discussed the need for the nation’s economy to generate revenue through exports to strengthen the naira. He mentioned the CBN’s plans to enhance confidence by stabilizing consumer prices and the foreign exchange market, although he didn’t outline specific steps to tackle the economic decline.
He expressed confidence that the bank’s policy measures would have a positive impact on inflation.
In his remarks, the finance minister, Edun, echoed similar sentiments, stating that Nigeria’s economic situation had improved since President Bola Tinubu took office on May 29, 2023. Despite acknowledging a rise in the cost of living, Edun assured lawmakers of further interventions to support the poor, with a particular focus on the power sector to bolster investor confidence.
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