Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), dismissed accusations that he and his team are to blame for the current economic troubles plaguing the country.
Addressing worries about the country’s economic hardship during the Monetary Policy Committee (MPC) meeting in Abuja, he said, “I laugh at that question but it’s not a laughing matter. And I think it is very crucial for Nigerians to realize that the Central Bank Governor — I and my team — are not the source of the woes that we face today; we are part of the solution.” Cardoso stressed the CBN’s proactive involvement in efforts to ease the economic crisis and restore stability, saying, “We are resolved to ensure that we work hard to get out of the quagmire that Nigeria is in.”
He recognized the severity of the challenges confronting the nation, including soaring inflation, food inflation, forex crisis, and the high cost of living, noting that these issues have sparked protests in various parts of the country. While examining the complex economic challenges, Cardoso reiterated the need for collaborative efforts to address non-monetary factors driving inflation, such as insecurity and infrastructure deficits.
He highlighted the role of fiscal policy in supplementing monetary interventions, saying, “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.”
Responding to questions about the CBN’s role in the current economic situation, Cardoso emphasized the institution’s dedication to executing strategies to steer through the crisis.
He underscored the necessity of restoring confidence in the economy, saying, “All we can do is do the hard things to make a bad situation better.”
