CBN Governor Cardoso Vows to Change Apex Bank’s Narrative

Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, reaffirmed his determination to change the narrative about the bank and make its policies have a more forceful effect on the populace.
Cardoso stressed that under his watch, the apex bank would focus on its core mandate of price stability, specifically curtailing the rising inflation, which has continued to distort prices.
The CBN governor gave the assurance while playing host to former Governor of the central bank, Mr. Muhammadu Sanusi II.
Cardoso had received the Impact Investing Community, led by Sanusi, who is the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi Order of Nigeria and neighbouring countries.
Cardoso expressed hope that at the end of his tenure, he would have left behind a central bank whose “policies have positively impacted people’s lives”.
Addressing the visiting team in his office, Cardoso said his team was determined to change the narrative about the apex bank and make the bank more impactful in the lives of Nigerians by curtailing inflation.
He thanked the community for visiting the CBN, stating that it represents an excellent future for Nigeria, with the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.
Cardoso hailed the quality of leadership of the community, especially in its effort to create awareness, and build partnerships.
In a statement, Cardoso said the CBN would collaborate with the Impact Investing Community to initiate frameworks that would encourage investments as well as positively influence the lives of Nigerians, and contribute to economic growth.
Sanusi highlighted the role of the central bank in massively impacting the lives of Nigerians through its activities. He said oftentimes, people did not seem to appreciate the impact of a central bank activity until it failed.
The former CBN governor expressed concerns about the current inflation rate. He urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.
He also acknowledged the importance of long-term planning by the CBN in achieving its goals, stressing the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.
Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.
In her remarks, Chair of the community, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the federal government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they would make the most positive impact.
Awosika said over $200 trillion was available around the globe as investment funds, with $1 trillion of it with impact investing.
She stated 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.
Awosika stressed the importance of social investment and sought the support of the CBN to enable the body to achieve its goal.
On his part, CBN Deputy Governor, Corporate Services Directorate, Dr. Bala Bello, underscored the importance of investment, stating that global capital is moving towards social investment. Bello thanked the team for its support, pointing out that collaboration and effective communication are vital in successfully navigating the current challenges in the country.

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