By Ahmad Deedat Zakari
The new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed some of his plans for the apex bank.
He disclosed his plans on Tuesday at the Red Chamber of the National Assembly during his confirmation screening.
Mr. Cordoso promised to prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term.
Cardoso also promised to enhance transparency, fix corporate governance, and ensure confidence in the autonomy and integrity of the bank.
“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.
The new CBN governor said he would maintain price stability, revert to evidence-based monetary policies, and discontinue his predecessor’s unorthodox monetary policies to bolster the country’s naira currency.
Cardoso takes over the leadership of the apex bank as the nation battles several economic challenges and falling economic indices, with the naira nearing 1,000/$ at the parallel market.