The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, asserted during the Monetary Policy Committee (MPC) meeting held in Abuja on Tuesday that neither he nor his team bear responsibility for the ongoing economic challenges in the country.
Cardoso’s declaration, reported by Politics Nigeria, marks his first official statement since assuming office in September 2023.
Despite disclaiming accountability for the prevailing economic hardships, the CBN governor affirmed the commitment of the bank to undertake necessary measures aimed at restoring the nation’s fiscal and monetary stability.
Nigeria grapples with a spectrum of economic woes, including escalating inflation rates, food inflation, foreign exchange crises, economic distress, and the soaring cost of living, exacerbated by the removal of petrol subsidies, which has spurred protests across various regions of the country.
In addressing concerns regarding inflation, Cardoso highlighted the MPC’s recognition of non-monetary factors driving inflation, citing persistent insecurity and infrastructural deficits. He emphasized the indispensable role of fiscal policies in ameliorating these challenges.
Responding to inquiries suggesting the CBN’s culpability for the country’s economic predicament, Cardoso defended the bank’s stance, affirming its dedication to implementing strategic measures to navigate the nation’s economic landscape.
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.”