CBN Governor denies responsibility for Nigeria's economic hardship

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), refuted claims that he and his team are responsible for the current economic challenges facing the country.

Addressing concerns regarding the country's economic hardship during the Monetary Policy Committee (MPC) meeting in Abuja, he stated, "I laugh at that question but it’s not a laughing matter. And I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution."

Cardoso emphasised the CBN's active engagement in efforts to alleviate the economic crisis and restore stability, stating, "We are determined to ensure that we work hard to get out of the mess that Nigeria is in."

He acknowledged the gravity of the challenges facing the nation, including rising inflation, food inflation, forex crisis, and the high cost of living, noting that these issues have triggered protests in various parts of the country.

While discussing the multifaceted economic challenges, Cardoso reiterated the importance of concerted efforts to tackle non-monetary factors driving inflation, such as insecurity and infrastructure deficits.

He underscored the role of fiscal policy in complementing monetary interventions, stating, "We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock."

Responding to questions about the CBN's role in the current economic predicament, Cardoso stressed the institution's commitment to implementing strategies to navigate through the crisis.

He highlighted the imperative of restoring confidence in the economy, stating, "All we can do is do the difficult things to make a bad situation better."