Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), addressed the Senate Committee on Banking, Insurance, and Financial Institutions, emphasizing that the CBN’s monetary policy interventions are intended to have a positive impact on Nigerians, particularly in the face of increasing economic challenges.
Speaking on Friday, Cardoso reiterated the commitment of the apex bank to mitigate the ongoing fluctuations in the foreign exchange market. He stressed that the ultimate goal of monetary policies should be to benefit the people of Nigeria.
Acknowledging the economic repercussions of recent developments, Cardoso underscored the importance of considering the effects on ordinary Nigerians when implementing monetary tools. He expressed confidence that the forthcoming Monetary Policy Committee (MPC) meeting in February would provide a clearer direction for the bank’s monetary policy.
In light of rising hardship in Nigeria, Cardoso, accompanied by CBN officials and the Minister of Finance, Wale Edun, engaged with the Senate committee. This engagement comes as the Naira, despite recent CBN interventions, depreciated to N1,479.47 per US dollar on Thursday, according to FMDQ data.
Furthermore, the CBN issued a ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ alongside other reforms last week to address the challenges in the foreign exchange market.
