My Job is Second Most Difficult on the Planet – CBN Gov, Cardoso Reveals

At the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria in Abuja on Sunday, Governor of the Central Bank of Nigeria Olayemi Cardoso spoke about the economic issues facing the country and described his work as the second most challenging in the world.

“I will continue to remember that in spite of (my job) the second most difficult job on the face of the planet, this is really something that remains very memorable,” he revealed.

Cardoso emphasised recent improvements, citing data from the CBN that showed the markets had received an infusion of about $1.8 billion.

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In order to overcome economic difficulties and restore stability to the foreign currency market, he emphasised the significance of maintaining a positive trajectory.

He stated, “As a result of some of the recent reports from the CBN, over the last week, about $1.8bn came into the markets.

“As long as the country can sustain a positive trajectory, Nigeria will get out of its economic woes and the foreign exchange market will begin to moderate itself.”

Cardoso stressed the shift from a nation of consumers to one of producers while discussing the need for economic diversification.

He disclosed efforts to combine the official and illicit market currency rates, which led to a notable decrease in the disparity between them.

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The governor of the Central Bank of Nigeria (CBN) recognised the difficulties in surpassing Nigeria’s status as a consumer nation and underscored the importance of the reforms carried out by the Federal Government and the Central Bank. He mentioned that one good result of these measures was the return of foreign investment.

“There is a positive outlook on that. The positive outlook comes from the fact that a series of reforms have been made by the Federal Government and the Central Bank, which are now paying off in such a way that international investors are coming back in again.

“You have got to move as a country beyond being a consumer nation. And it is something that we as Nigerians have been talking about for so long, but really, we’ve not been able to actualize it.

“The other thing, of course, is to moderate appetite for foreign goods. And that’s closely related to what I had said earlier concerning becoming a producer nation because, at the end of the day, many of the things you see and many of the things that bother a lot of people with respect to foreign exchange are all essentially down to demand and supply,” Cardoso added.

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Cardoso provided notice of the approaching Monetary Policy Committee meeting, where important choices for improving the nation’s investor-friendly climate will be decided.

He is still upbeat about Nigeria’s economic prospects in spite of the country’s continuous economic struggles and protests.

Amid mounting economic difficulties, the opposition party has demanded Chief Bola Tinubu’s resignation, expressing the worries and annoyances of interested parties and residents struggling to survive on a daily basis.

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