We have done well at CBN – Cardoso

Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has stated that the current management of the apex bank has excelled in its mandate of ensuring monetary and price stability. This assessment comes following a presentation of the communiqué from the 307th meeting of the Monetary Policy Committee (MPC) in Abuja. Cardoso reflected on the past three years, noting that it was a fitting time to look back and evaluate the achievements of the bank.

At the time of taking over leadership, the bank was grappling with a loss of confidence from both its institutions and the public, as evidenced by the depreciation of the currency. This instability made planning difficult and forced many individuals to protect their savings. Additionally, the bank's rating agencies had downgraded it, expressing little hope for a brighter future without significant reforms.

Cardoso highlighted the crucial role played by the new crop of individuals who have led the CBN since 2023. He emphasized that the first priority was to restore the bank to its core mandate. During this period, the Way and Means fund had plummeted to N23.7 trillion per capita, exacerbating an already dire inflation situation. Over N10 trillion had been spent on interventions. Furthermore, the foreign exchange market was in a dysfunctional state, characterized by multiple exchange rates.

Cardoso and his team took decisive actions aimed at restoring stability and maintaining both price and financial stability. The governor expressed pride in the collective decisions made over the years that have successfully brought the bank back to its desired state of stability.