Economic hardship: ‘The current pains would be short-lived’, CBN boss assures Nigerians
The Governor of the Central Bank of Nigeria, Yemi Cardoso, has again reassured citizens that the pains of ongoing reforms by President Bola Ahmed Tinubu’s administration would soon be over if people supported the government’s monetary and fiscal policies.
Mr Cardoso pledged this assurance while participating in a panel discussion during the Vanguard Economic Discourse in Lagos, which had the theme ‘Reforms in the Era of Global Economic Uncertainties: Whither Nigeria’.
He was responding to economic and financial issues raised during the session by organised labour, bureau de change operators, manufacturers and economic advisers.
He said inflation had many parts which the government was trying to fix.
“If we stay focused on the reform, the pains would be short-lived,” he said.
Earlier, while delivering the keynote address, Cardoso explained the impact of the apex banks in resolving the forex challenges and other monetary issues.
He explained the reasons for the planned bank recapitalisation and measures to tackle food inflation, naira volatility, and other uncertainties.
“As the governor of the Central Bank of Nigeria, I remain committed to repositioning the bank to deliver meaningful data-driven and sustainable solutions with clear positive impact on the livelihood of all Nigerians.
“However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities, working in harmony,” he said.
Mr Cardoso said the CBN would continue implementing bold reforms to make the economy work for all Nigerians, adding that the apex bank had embarked on tightening monetary policy to address inflationary pressure while reeling in positive results.
He said further that the CBN is working to address the challenges in the BDC segment.
Mr Cardoso listed policies and measures adopted to sanitise the BDCs while increasing the inflows from diaspora remittances into the economy through official channels.
He explained efforts to improve liquidity in the foreign exchange market and assured that the CBN would continue to strengthen collaboration with other regulators and fiscal authorities to deliver sustained and inclusive economic growth.
