The Central Bank of Nigeria (CBN) has reiterated its commitment to stabilising the economy as the apex bank highlighted the success of the ongoing reforms.
CBN Governor, Olayemi Cardoso, spoke at a symposium titled: “Promoting stability in an era of economic reforms: The journey so far”, yesterday in Abuja.
He reviewed the apex bank’s progress and outlined the achievements of his administration, marking the one-year anniversary of the current management team.
Reflecting on the journey, Cardoso restated CBN’s commitment to stabilising the economy, taming inflation and regaining investor confidence.
He noted that as part of the plans to revitalise the economy, the CBN has set a target to raise monthly foreign remittances to $1 billion.
He stated that, despite significant challenges, the bank had made substantial strides, notably stabilising foreign reserves, which recently surpassed the $40 billion mark, the highest level in nearly three years.
Cardoso said: “The past year was among the most challenging periods in the bank’s history. Yet, it has also been one of transformation, where we tackled a credibility deficit head-on.”
He acknowledged that while inflation remains high, it is trending downward, a positive indicator that reforms are effectively stabilising the economy.
The governor gave a detailed overview of the banks inherited challenges, including a slowdown in the Gross Domestic Product (GDP) growth to 2.31 per cent in early 2023, a steep rise in inflation to 24.1 percent by mid-2023, and a ballooning fiscal deficit.
The CBN’s Ways and Means Advances had reached N22.7 trillion by mid-2023, prompting a policy overhaul to address these issues.
