The new Central Bank of Nigeria governor, OLayemi Cardoso has stated how Tinubu’s administration will address Forex scarcity and inflation in the country.
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The Senate on resumption of plenary on Tuesday confirmed the nomination of Olayemi Cardoso as the Governor of the Central Bank of Nigeria. Four other nominees of President Bola Ahmed Tinubu for the offices of Deputy Governors of the apex bank were also confirmed. They included Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor and Dr Bala M. Bello.
Addressing the gathering of Senators on the floor of the Red Chamber, Cardoso promised to restore the CBN to its core functions. “A refocused CBN will better serve the country. In restoring the CBN to its core mandate, we must limit CBN to its advisory role and facilitate new regulatory framework,” he said.
Giving an insight into how he will mitigate the free fall of the Naira as against the Greenback, Cardoso highlighted what he called short term and long term measures to address both the devaluation of the Naira and the rising inflationary trend.
He outlined immediate priorities like settling CBN obligations and establishing transparent forex rules to ease restrictions and boost liquidity. Cardoso said his team would collaborate on fiscal policies to curb deficit financing and address structural inflation drivers.
The CBN governor stated achieving $1 trillion GDP in 8 years is critical for economic stability. Deputy governor nominee Muhammad Dattijo also listed priorities like depoliticizing CBN, enhancing communication and utilizing evidence-based data.
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