Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), says the institution doesn’t have a magic wand to address the country’s myriad economic challenges.
The apex bank boss disclosed this on Thursday in a statement.
He stated that the bank would stick to its core monetary policy mandate and pull back from direct development finance intervention.
Cardoso explained that the CBN had included fiscal intervention in its functions under previous leadership.
He said going forward, the CBN is facing the problem of discontinuing unorthodox monetary policies and foreign currency management.
The CBN governor said the central bank’s problems are large and complex and cannot be solved by the new management oversight.
“It must be emphasised that CBN does not have a magic wand that can be waved at the current economic challenges.
“With focused leadership and sustained reforms, it is expected that over time, the country will gain open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots an opportunity for a more prosperous future,” he said.
He listed increasing private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies by de-risking instrumentation as activities the bank would focus on.
DAILY POST reports Nigeria’s economy grapples with soaring inflation and foreign exchange crises.
