Tinubu’s Team To Tackle Forex Scarcity And Inflation

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The newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, shared his strategy for addressing the nation’s foreign exchange shortage, and rising inflation during a Senate session.

With the Senate’s approval of Cardoso and four other nominees for key positions at the apex bank, including Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello, the stage is set for tackling Nigeria’s economic challenges.

Cardoso emphasised the need to redirect the Bank’s focus on its core responsibilities; limiting it to an advisory role and facilitating a new regulatory framework. He then outlined both short-term and long-term measures to stabilise the Naira’s value and combat inflation.

In the short term, Cardoso pointed out the importance of addressing unsettled obligations by the CBN to enhance foreign exchange market stability and transparency. He stressed the need for clear and transparent rules to attract serious foreign investors.

Cardoso also highlighted the significance of stakeholder engagement to ensure everyone understands, and can rely on the system. These immediate steps, he believes, will encourage investors, and boost liquidity.

Regarding inflation, Cardoso mentioned the importance of evidence-based monetary policies and data-driven decision-making. He emphasised the need to ramp up food production, address energy challenges, and collaborate closely with the fiscal side to tackle inflation effectively.

Cardoso’s commitment to working with the fiscal side to address deficit financing was evident with a focus on compliance and zero tolerance for abuse.

In conclusion, Cardoso expressed his vision of achieving a $1 trillion Gross Domestic Product within eight years under the Tinubu administration’s economic policy proposals. He stressed the importance of economic growth and stability in achieving this ambitious goal through a refocused CBN, monetary policy interventions, and advisory roles.

Another nominee, Mr. Muhammad Sani Abdullahi Dattijo, emphasised depoliticising the CBN, enhancing communication, transparency, and feedback, as well as considering both monetary and fiscal aspects to restore the institution’s dignity.

 

 

 

 

 

 

 

 

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