CBN Will Prioritise Core Mandate Of Price Stability — Olayemi Cardoso

The Central Bank of Nigeria governor, Olayemi Cardoso noted that he and his team are determined to change the narrative about the CBN, and more impactful in the lives of Nigerians by curtailing inflation.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated that his leadership would focus mainly on the core mandate of price stability.

According to a statement from the CBN, Cardoso disclosed this recently, while playing host to the Impact Investing Community.

The News Agency of Nigeria (NAN) reports that the Impact Investing Community was led by the 14th Emir of Kano, Muhammadu Sanusi II, who is a former Governor of the CBN.

Cardoso said that he and his team were determined to change the narrative about the CBN, and make it more impactful in the lives of Nigerians by curtailing inflation. According to him, at the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.

He said that the community represented an excellent future for Nigeria and has the potential to transform the country’s economy. Cardoso assured the visitors that the apex bank would collaborate with them in the direction of putting in place frameworks that will encourage investments.

In his remarks, Sanusi said that the CBN’s activities had a massive impact on the lives of Nigerians. According to him, many people often do not know the impact of a Central Bank’s works until a Central Bank fails.

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He urged the new leadership at the CBN to work persistently at driving down inflation rate, which he said had severely impacted the wealth of individuals. Sanusi acknowledged the importance of long-term planning by the CBN in achieving its goals.

He emphasised on the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child. Sanusi pledged his continued support, along with the Impact Investing Community to the CBN in achieving its goals.

Also speaking, the Chairperson of Impact Investing Community, Ibukun Awosika, said that the team was at the CBN to register its willingness to support the apex bank.

Awosika said that the organisation would support the authorities in changing Nigeria’s investment climate, by redirecting resources to areas where they will make the most positive impact.

According to her, over 200 trillion dollars is available around the globe as investment funds, with Impact Investing controlling one trillion dollars of that sum. She further said that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

Awosika sought the support of the CBN to enable the body to achieve its goal. Dr Bala Bello, CBN’s Deputy Governor, Corporate Services, underscored the importance of investment, saying that global capital was moving towards social investment.

Bello said that collaboration and effective communication were vital to successfully navigating the current challenges in the country.