The Senate was recently told by Olayemi Cardoso, the Governor of the Central Bank of Nigeria, that the bank’s monetary policy interventions are aimed at positively impacting Nigerians amidst the country’s increasing economic hardship. Speaking before the Senate Committee on Banking, Insurance and Financial Institutions, he emphasized the commitment of the apex bank to addressing the continuous fluctuations in the foreign exchange market.
Cardoso stressed the understanding of the economic impact of these developments not only on the economy but also on ordinary Nigerians. He emphasized that monetary policies should have a direct impact on people. He also expressed confidence that the monetary policy direction following the upcoming MPC meeting at the end of February will be clearer.
The appearance of Cardoso, CBN officials, and the Minister of Finance, Wale Edun, before the Senate committee was in response to the growing hardship in Nigeria. Despite recent policy interventions by the CBN, the Naira dropped to N1,479.47 per US dollar at the foreign exchange market, according to FMDQ data. Last week, CBN issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.