The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has again reassured Nigerians that the apex bank’s economic reforms have been yielding significant results.
Cardoso said this had led to a 50 per cent reduction in month-on-month inflation between February and May 2024.
The CBN Governor said this at the interactive session at the 2024 Business Day CEO Forum in Lagos on Thursday, July 11, 2024.
Addressing the setting of interest rates, Cardoso said they were determined by the independent Monetary Policy Committee (MPC), comprised of data-driven experts who prioritise empirical evidence over emotions.
He highlighted the committee’s commitment to combating inflation through informed decisions.
Cardoso said: “Interest rates are not set by the governor of the central bank. Interest rates are set by the Monetary Policy Committee.
“And thankfully, we have a monetary comments policy committee comprised of independent-minded thinking people.
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“And these are people who are not given to emotion. What they look at is data. They look at data, and they basically go along with what the data says.
“The FCC has made it very clear that for them the major issue is telling you and I’ve also made it very clear that they will do whatever is necessary to tame inflation.”
Cardoso acknowledged the challenges posed by injecting substantial funds into the economy, including N27 trillion and N10.5 trillion interventions under the Ways and Means framework.
The CBN boss credited timely rate adjustments for stabilising the national currency against fluctuations.
Looking forward, Cardoso expressed optimism that continued adherence to effective policies would lead to further stabilisation and eventual reduction in interest rates.
At the event on Thursday, Cardoso projected a positive growth trajectory for Nigeria while lamenting missed opportunities in the past due to inadequate measures.
He stressed the importance of sincerity, collaboration, and transparent communication in achieving sustainable development.
The CBN Governor explained the role of transparent communication in dispelling public misunderstandings and fostering national growth.
Cardoso called for ongoing improvements in monetary and fiscal communication while urging stakeholders to uphold best practices.
He also outlined the CBN’s strategies, including addressing foreign exchange backlog, interventions in the oil and gas sectors and plans for bank recapitalisation.
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