CBN’s three-year reforms face real economy test
Three years into Olayemi Cardoso’s tenure, the CBN’s reforms have boosted reserves but face a real economy test with high credit costs and a weaker naira. Read More: https://punchng.com/cbns-three-year-reforms-face-real-economy-test/
Three years after Olayemi Cardoso became Governor of the Central Bank of Nigeria, the apex bank has made measurable progress in several key areas. Foreign reserves have risen above $55 billion, the foreign exchange market has become more transparent, and banks have raised substantial capital. Inflationary pressures have also moderated, although interest rates remain high and the naira remains weaker than in 2023.
Despite these gains, the reform programme remains ongoing. Cardoso's most significant change was focusing price stability at the core of monetary policy, moving away from direct sectoral interventions. The monetary policy committee has progressively raised the monetary policy rate, which has begun to ease in recent meetings. However, there is still work to be done in ensuring that improving monetary conditions translate into reduced borrowing costs for businesses.
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