Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has stated that he and his team are not responsible for the economic challenges facing the country. He made this remark at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27. Cardoso emphasized that the CBN is taking necessary steps to restore the country’s fiscal and monetary health.
He expressed his view, saying, "I laugh at that question, but it's not a laughing matter. 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 acknowledged the crisis of confidence that existed when he assumed office, highlighting the need for difficult decisions to improve the situation. He emphasized the importance of restoring confidence in businesses, noting that without it, progress would be limited.
"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. All we can do is do the difficult things to make a bad situation better," he said.
Cardoso expressed optimism that the efforts being made by the CBN are beginning to restore confidence in the economy. He stressed the importance of confidence in business for achieving progress and expressed confidence in the measures being taken to improve the country's economic situation.
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