Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has disassociated himself from the ongoing economic hardships experienced by Nigerians, amidst criticisms over the government’s economic policies.
In May, President Bola Tinubu introduced economic reforms, including the removal of fuel subsidies and the adoption of a floating exchange rate for the naira.
During the inaugural Monetary Policy Committee (MPC) meeting under his tenure on Tuesday, Cardoso stressed that he and his team cannot be held accountable for the current economic challenges in Nigeria.
He assured that the CBN is taking proactive steps to restore the country’s fiscal and monetary stability. Responding to inquiries regarding the responsibility for the economic difficulties, Cardoso remarked, “While I find the question amusing, it’s a serious matter. It’s crucial for Nigerians to understand that neither the Central Bank Governor nor my team are to blame for the current situation. However, we are committed to being part of the solution.”
“We are determined to exert our efforts to navigate Nigeria out of its current predicament. We assumed office during a time of diminished confidence, and while we may wish otherwise, we cannot reverse the clock. All we can do is implement the necessary measures to ameliorate the situation,” he added.
Cardoso underscored the importance of restoring confidence in the business environment, stating, “Without confidence in your business, progress will be stymied. I believe our endeavors are starting to restore confidence, albeit gradually.”
