Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the current management of the apex bank has performed well in fulfilling its mandate of ensuring monetary and price stability.
Cardoso made the remarks on Tuesday in Abuja while presenting the communiqué of the 307th meeting of the Monetary Policy Committee (MPC), reflecting on the three years since the current CBN leadership assumed office.
The governor said the management inherited a period of significant economic challenges, including loss of confidence in the naira, currency depreciation, high inflationary pressures and dysfunction in the foreign exchange market.
According to Cardoso, one of the key priorities of the current administration has been to return the CBN to its core mandate of maintaining monetary and price stability.
He said the bank had taken a number of measures aimed at addressing the challenges confronting the economy, including reforms to the foreign exchange market and efforts to strengthen the credibility of monetary policy.
Cardoso also pointed to the CBN’s handling of Ways and Means financing and previous interventions in the economy, noting that the bank inherited substantial monetary imbalances that had contributed to inflationary pressures.
The governor said the CBN’s focus on its statutory responsibilities had helped create what he described as greater stability within the monetary and financial system.
The apex bank’s official records show that its current policy framework has placed significant emphasis on inflation targeting and price stability, alongside efforts to improve the functioning and transparency of the foreign exchange market.
Cardoso acknowledged that the economic reforms have taken place against a difficult backdrop, but said the management had made progress in restoring confidence and strengthening the foundations for economic stability.
He also noted that the CBN’s Monetary Policy Committee had played an important role in analysing economic developments and taking policy decisions in response to inflation, exchange-rate movements and other macroeconomic conditions.
The governor’s assessment comes as the CBN continues to implement monetary policy measures aimed at controlling inflation and maintaining stability in the financial system.
While the CBN has reported improvements in several macroeconomic indicators, the impact of monetary reforms remains a subject of wider economic debate, particularly given the continued concerns over inflation, purchasing power and the cost of living.
Cardoso nevertheless maintained that the current management had made significant progress in returning the apex bank to its core mandate and strengthening monetary and financial stability.
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