Sun. Jun 16th, 2024

By Ojukwu Emmanuel Chiadikaobi

 

At the 2024 Annual Vanguard Economic Discourse, Olawale Cardoso, Governor of the Central Bank of Nigeria (CBN), affirmed the bank’s commitment to implement robust reforms to strengthen Nigeria’s economy amid global challenges. Speaking under the theme “Reform in an Era of Global Economic Uncertainty: Whither Nigeria,” Cardoso outlined the CBN’s response to international and domestic economic uncertainties and their plans for future economic stability.

Cardoso discussed global issues impacting economic stability, such as geopolitical tensions and the ongoing conflicts in the Middle East and Ukraine, which disrupt trade and fuel inflation. He cited the World Uncertainty Index to emphasize the unpredictable economic environment exacerbated by these issues.

Domestically, the CBN has tackled significant challenges such as high inflation and foreign exchange volatility. Cardoso highlighted effective measures that have led to a deceleration in inflation and a substantial increase in foreign exchange inflows, which in the first quarter of 2024 were 136% of the total inflows of the previous year.

The governor detailed reforms in the banking sector, including increased capital requirements to enhance financial stability and support economic growth. He also noted the use of comprehensive monetary policy tools to manage inflation effectively.

Cardoso emphasized the importance of continued reforms and collaboration between monetary and fiscal authorities to drive sustainable growth. He also praised the summit’s participants for contributing valuable ideas to help navigate economic complexities.

Cardoso acknowledged international recognition from bodies like the World Bank for Nigeria’s reform efforts and reiterated the CBN’s commitment to fostering an inclusive and resilient economy.

As Nigeria confronts both internal challenges and external economic pressures, the CBN under Cardoso’s leadership is taking decisive steps toward recovery and long-term stability, aiming for a brighter economic future for the nation amidst ongoing global uncertainty.

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