Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), reassured Nigerians that the ongoing economic challenges will not last forever. Speaking at the Vanguard Economic Discourse in Lagos, Cardoso, represented by Dr. Blaise Ijebor, Director of Risk Management, emphasized the CBN’s dedication to fostering sustained and inclusive economic growth.
During a panel discussion themed “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria,” Cardoso addressed concerns from organized labor, Bureau De Change operators, manufacturers, and economic advisers. He acknowledged the complexity of inflation but stressed that the government’s reforms aim to mitigate these issues.
“If we stay focused on the reform, the pains would be short-lived,” Cardoso assured.
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In his keynote address, Cardoso elaborated on the reasons behind the planned recapitalization of banks and measures to tackle food inflation, naira volatility, and other economic uncertainties. He reiterated his commitment to repositioning the CBN to deliver sustainable solutions that positively impact all Nigerians.
“As the Governor of the Central Bank of Nigeria, I remain committed to repositioning the bank to deliver meaningful, data-driven, and sustainable solutions with a clear positive impact on the livelihood of all Nigerians,” he stated.
Cardoso highlighted the importance of collaboration between all stakeholders, particularly monetary and fiscal authorities. He expressed gratitude to Vanguard Newspaper for organizing the event, which he described as a step towards achieving a larger and more resilient economy.
The CBN Governor outlined several bold reforms and monetary policies to address inflationary pressures and improve economic conditions. He mentioned the CBN’s efforts to sanitize the Bureau De Change segment and enhance the inflow of diaspora remittances through official channels.
“We are working to address the challenges in the BDC segment,” he noted.
Future Outlook
Cardoso assured that the CBN will continue strengthening its collaboration with other regulators and fiscal authorities to ensure sustained and inclusive economic growth. He emphasized the bank’s commitment to implementing policies that benefit all Nigerians.
