Anew monetary and financial sector blueprint will soon be unveiled by Central Bank of Nigeria (CBN), its Governor Olayemi Cardoso hinted yesterday.
The blueprint, Cardoso said, will serve as framework for implementation of major reforms by the apex bank.
He gave insight into some guiding principles in the blueprint, with an assurance that the framework will be released in the days ahead.
In a chat with a group of investors in his office, Cardoso said that the CBN will do all in its powers “to address identified distortions and ensure a conducive atmosphere for different categories of investors”.
He noted that under his watch, “the new management team at the bank will do its best to tackle impediments to liquidity in the foreign exchange market in Nigeria”.
Speaking specifically on liquidity management, Cardoso said his team will device a short-term goal to address “structural issues within the financial system that gave rise to the liquidity challenge in the first instance”.
He said the CBN would “focus on strengthening its data-gathering system to ensure that only verifiable data will be relied upon for evidence-based decisions”.
According to him, the CBN would also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy.
On the relationship between the monetary and fiscal authorities, the CBN governor said there would continue to be consensus between both authorities to harmonise their positions on the interest rate and inflation.
He, however, said the bank would remain open to different views in its push for greater transparency.
He said: “The bank would only provide strategic policy support to critical sectors of the economy while allowing experts to take charge of such critical sectors, given that the expertise lies within other relevant agencies”.
Mrs. Ireti Samuel-Ogbu, who led the investors, said their mission was to explore the possibilities of stimulating more foreign investments in the country.
She underscored the matters concerning the bank’s autonomy and the imperative of augmenting the nation’s foreign reserve, among various other concerns.
Cardoso and four deputy governors – Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello, were confirmed by the Senate on Tuesday, in line with extant laws.
They were appointed on September 15 by President Bola Tinubu.
Finance and economic experts said Dr. Cardoso’s confirmation as the 12th substantive CBN governor has renewed confidence in the management of the apex bank and the general economic prospects.
Experts, who spoke on the prospects at the apex bank included: Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe; Managing Director, Economic Associates, Mr Ayo Teriba; Managing Director, APT Securities and Funds, Mallam Kasimu Kurfi; President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe; PChief Executive Officer, BIC Consultancy Services, Dr. Boniface Chizea; Professor Mike Obadan of the University of Benin; President, Association of Capital Market Academics of Nigeria (ACMAN), Prof Uche Uwaleke; Managing Director, SD & D Capital Management Limited, Mr Gbolade Idakolo and Former Executive Director, Keystone Bank Limited, Mr. Richard Obire.
Experts said the new CBN team demonstrated a good grasp of the issues and confidence, which give hopes they may act with urgency to address key macroeconomic issues.
They, however, cautioned that the tasks ahead were enormous and might take some time to restore a steady sense of balance.
“Dr. Cardoso spoke with confidence and the required sense of urgency. My hope is that they will be backed by immediate and deliberate actions to quickly right the ship of the economy,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.
