Cardoso Says He Is Not Responsible For Nigeria’s Economic Crisis
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said he and his team at the apex bank were not responsible for Nigeria’s Economic Crisis.
Cardoso has been facing criticism for floating the naira, blamed on the rising costs of goods and services in the country.
The CBN Governor said his team has been taking necessary steps to restore Nigeria’s fiscal and monetary health to normal.
Cardoso speaking during the meeting of the CBN monetary policy committee in Abuja, said their efforts were bringing back the confidence of global investors in Nigeria’s economy.
The CBN Governor said the naira is grossly undervalued because Nigeria’s Foreign Exchange Market was not functioning effectively, and this has created a serious challenge to the local currency.
Cardoso said the apex bank was still investigating some of the manipulation that has been taking place in the Foreign Exchange Market.
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For instance, Binance was accused of causing most of the distortion by allowing $26 billion in transactions in the past years from the system.
He vowed to deal with players in the banking sector who violated the stipulated guidelines rolled out by the apex bank, warning that they would face the consequence of doing so.
The CBN chief stressed that he was chosen during a period when the economy was already in disarray and that people had lost faith in the leadership, a situation he was making a concerted effort to reverse.
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, Mr Cardoso promised.
He asserted that his team was beginning to win back the public’s trust, which is crucial for progress since without it, it is almost impossible to make any headway.
The CBN governor added 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.
