Don’t Blame Me For Nigeria’s Woes –  Cardoso Cries Out

BY COBHAM NSA – At a time that many Nigerians have no kinds words for the Central Bank of Nigeria (CBN), the apex bank Governor, Olayemi Cardoso, is begging that he should not be blamed for the present economic turbulence in the country.

Completely distancing himself from the hardship Nigerians are currently facing following ongoing reforms by the government’s reform policies

Cardoso, who spoke on Tuesday at the first Monetary Policy Committee (MPC) meeting under his watch, said no one should blame him and his team for the prevailing economic challenges Nigerians are facing at present.

Asked if the policies introduced by the CBN under his leadership are responsible for the country’s economic challenges, the CBN Governor responded; ”I laugh at that question but it is not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor; I and my team, are not responsible for the woes that we have today; we are part of the solution.”

However, he said the apex bank is currently applying necessary measures to get the country’s fiscal and monetary health back to normal.

According to him; “We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far”.

Arising from the economic reforms announced by President Bola Tinubu in his May 29, 2023, inauguration speech, particularly the fuel subsidy removal, followed later by the floating of the Naira, Nigerians have not found it easy with life going by the rising cost of living in the country.

Also as the nation’s currency, the Naira continue to witness free fall against the dollar, Nigerians are daily become hard pressed by the poor state of the economy amid spiraling inflation and low purchasing power.