In a recent development, sources close to Central Bank of Nigeria (CBN) Governor Olayemi Cardozo reveal that he is scheduled to address the nation tomorrow at 7 pm.
The disclosure, made under the condition of anonymity, suggests that the governor will utilize this platform to elucidate on the CBN’s monetary policy and articulate plans to stabilize the national currency, the Naira.
This upcoming address marks Cardozo’s first public engagement since his appointment as CBN Governor by President Bola Tinubu over two months ago. The President nominated Cardozo on September 15, following the suspension of the former Governor, Godwin Emefiele, on June 9.
Notably, Cardozo was appointed alongside four deputy governors: Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
Criticism has been directed towards the new CBN Governor for not convening the bi-monthly Monetary Policy Committee (MPC) meeting, the apex bank’s highest policy-making committee, since assuming office. The last such meeting occurred on July 25.
The MPC is tasked with reviewing economic and financial conditions, determining the appropriate policy stance in the short to medium term, regularly reassessing the CBN monetary policy framework, adopting necessary changes, and effectively communicating monetary/financial policy decisions to the public to ensure the credibility of the transmission mechanism.
Governor Cardozo’s address holds significance as it provides a platform for him to directly address concerns, explain policy directions, and outline strategies to mitigate challenges, especially amid criticisms surrounding the delay in convening key policy meetings.
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This communication becomes crucial in fostering transparency and instilling confidence in the public regarding the CBN’s approach to economic stability and currency management.
