CBN Governor urges Nigerians to be more mindful of their demand for dollars and foreign goods, encouraging a shift in priorities.
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has advised Nigerians to exercise restraint in their demand for dollars, consumption, and usage of foreign goods. He warned that as a nation, we need to focus on addressing the supply side of Forex, as it has greatly constrained our economy.
Cardoso highlighted the importance of moderating demands on the USD to stabilize the Naira, as the CBN does not possess a quick fix solution. However, he acknowledged that the recent measures implemented by the central bank have started to show positive outcomes, evidenced by an inflow of approximately $1 billion into the economy. He emphasized that while the CBN lacks the capacity to directly intervene, it intends to collaborate instead of taking on the risks.
In his address given in Abuja yesterday during his appearance before the Senate Joint Committees on Finance, Banking and other Financial Institutions and National Planning, Cardoso highlighted that the Central Bank of Nigeria (CBN) aims to moderate inflation to 21.4%.
He further emphasized that the implementation of an inflation-targeting framework necessitates effective communication and collaboration with fiscal authorities to promote price stability.
This could potentially result in reducing policy rates, encouraging investments, and generating employment opportunities.
The scheduled Monetary Policy Committee (MPC) meeting on 26th and 27th of February, as stated by the Governor of the Central Bank of Nigeria (CBN), holds the potential to significantly assess the current circumstances and provide valuable resolutions on these crucial matters.