- …promises to tackle inflation
- …plans to stabilise the Naira
- …vows to be transparent to boost investors’ confidence
Olayemi Cardoso, the new CBN Governor said there is need to restore the independence and credibility of the Nigeria’s apex bank.
He said this Tuesday during his screening by Senate in Abuja.
“In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
Cardoso, who was screened alongside four deputy governors assured the lawmakers that independence and credibility of the Central Bank of Nigeria will enable the apex bank to focus more on its core mandate and ensure a culture of compliance.
“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.
His 4 deputies
Cardoso who becomes the 12th governor of the apex bank, will be assisted by four deputies whose nominations were also approved by The Senate.
They are are:
- Emem Nnana Usoro,
- Muhammad Sani Abdullahi Dattijo,
- Philip Ikeazor,
- Bala Bello.
…promises to tackle rising inflation
Speaking on the rising inflation, Cardoso promised that the new leadership would tackle the issue by adopting an “evidence-based monetary policy and shall not be making decisions based on a whim.”
According to the National Bureau of Statistics (NBS), the Headline inflation rate in Nigeria In June 2023, rose to 22.79 per cent relative to May 2023, which was 22.41%.
The new CBN Governor and his team have a huge task ahead of them, assuming duty at the time Africa’s biggest economy is troubled, including the country’s persistent forex crisis
Plan to stabilise the Naira
One of his plans to stabilise the volatile Forex market against the Naira would be to clear backlogs of some financial obligations.
“Whether it is 4 billion, 5 billion or 7 billion I don’t know but definitely the immediate priority will be to verify the authenticity and extent of what is owed.”
While the screening was ongoing at The Senate, trading at the parallel market closed 995/1003 (buy/sell), Euro closed at 1040/1052, while GBP/NGN closed at 1255/1265.
Transparency to boost investors’ confidence
Cardoso, who was the former Chairman of Citibank Nigeria also promised that CBN leadership under him would come up with rules that are “open, transparent that any of the players in that area understands.
“We can’t expect them (foreign investors) if there is no open transparent system that everyone understands”, promising to carry the relevant stakeholders along.