CBN governor reiterates commitment to price stability

Olayemi Cardoso, the governor of the Central Bank of Nigeria, has reiterated his leadership’s commitment to focus mainly on the core mandate of price stability.

According to a statement from the CBN, Mr Cardoso disclosed this recently while playing host to the ‘Impact Investing Community’, led by the 14th Emir of Kano, Muhammadu Sanusi II, a former CBN governor.

Mr Cardoso said he and his CBN team were determined to curtail rising inflation, noting that “at the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

He said the community represents an excellent future for Nigeria and has the potential to transform the country’s economy.

The CBN governor assured that the apex bank would collaborate with them in the direction of putting in place frameworks that would encourage investments.

Mr Sanusi said the CBN’s activities had a massive impact on the lives of Nigerians. According to him, many people do not know the impact of a central bank’s work until a central bank fails.

He urged the new leadership at the CBN to work persistently at driving down the inflation rate, which he said had severely impacted the wealth of individuals.

Mr Sanusi acknowledged the importance of long-term planning by the CBN in achieving its goals. He emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl child.

The ex-CBN chief pledged his continued support, along with the community, to the bank in achieving its goals.

Ibukun Awosika, the chairwoman of the community, Ibukun Awosika, said that the team was at the CBN to register its willingness to support the apex bank.

Ms Awosika said 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 were available around the globe as investment funds, with Impact Investing controlling one trillion dollars of that sum.

She further said that the community, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.