CBN Governor Cardoso: ‘I’m Not To Blame For Nigeria’s Economic Woes’

CBN Governor Cardoso: ‘I’m Not To Blame For Nigeria’s Economic Woes’

In a resolute statement, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has firmly rebutted allegations of being responsible for the nation’s current economic challenges, asserting that he and his team are committed to implementing solutions rather than perpetuating problems…..READ ALSO Breaking: Naira Surges As CBN Injects Over $300 Million, Dollar Hits Six-Week Low

Addressing questions during the first Monetary Policy Committee (MPC) meeting since assuming office in September 2023, Cardoso underscored the CBN’s pivotal role in navigating Nigeria’s fiscal and monetary landscape back to stability.

Contrary to insinuations of culpability, Cardoso emphasized the CBN’s proactive stance in addressing the prevailing economic difficulties, stating, “I laugh at that question, but it’s not a laughing matter. The Central Bank Governor—I and my team—are not responsible for the woes that we have today; we are part of the solution.”

Highlighting the challenging circumstances inherited upon assuming office, Cardoso acknowledged the existence of a crisis of confidence but affirmed the CBN’s unwavering commitment to effecting positive change.

He elaborated, “We are determined to ensure that we work hard to get out of the mess that Nigeria is in. 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.”

Despite the formidable hurdles, Cardoso expressed confidence in the efficacy of the measures undertaken by the CBN, noting the gradual restoration of confidence as pivotal for economic resurgence.

He concluded, “All we can do is do the difficult things to make a bad situation better, and I do believe that the efforts that we are making are beginning to bring back confidence because, to be frank, without confidence in your business, you are not going to get far