Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso has said that he’s not responsible for the economic challenges facing the country.
Cardoso said this at the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27. He also said that the CBN is taking necessary steps to get the country’s fiscal and monetary health back to normal.
He said;
”I laugh at that question but it’s not a laughing matter and 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.
“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 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.”
Meanwhile, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the interest rate by 400 basis point from 18.5 percent to 22.5 percent.
CBN governor Yemi Cardoso disclosed the decision of the meeting on Tuesday, February 27.
He said the committee raised the MPR by 400 basis points to 22.75 percent and adjusted the asymmetric corridor at +100 and -700 basis points from +100 basis points and -300 basis points around the MPR stating the move will curb the inflation.
On inflation, Cardoso said the rate of change in prices of goods and services rose to 29.9 percent in January 2024, from 28.92 percent in December 2023
