CBN Gov. Cardoso to clarify policy direction at CIBN dinner

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is set to unveil the Bank’s Monetary Policy Thrust and Economic Outlook for 2024, tomorrow, November 24, 2023.

According a release made available to Business Hallmark, Cardoso will be delivering a keynote speech at the 58th Chartered Institute of Bankers of Nigeria (CIBN), annual bankers’ dinner, holding by 7 pm at Eko Hotels and Suites, Lagos.

This address marks a significant moment for Cardoso, as it will be his first public engagement since assuming the role of CBN Governor over two months ago, following his appointment by President Bola Tinubu.

The primary focus of Governor Cardoso’s address is expected to be an in-depth explanation of the CBN’s monetary policy and strategic plans aimed at arresting the decline of the national currency, the Naira.

With the economic landscape facing challenges, this communication is crucial for providing transparency and reassurance to the public.

The announcement followed President Bola Tinubu’s nomination of Cardoso as CBN Governor on September 15, a decision prompted by the suspension of the former Governor, Godwin Emefiele, on June 9.

Alongside Cardoso, four deputy governors were appointed, namely Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala M. Bello.

However, Governor Cardoso has faced criticism for not convening the bi-monthly Monetary Policy Committee (MPC) meeting, the highest policy-making committee of the apex bank, since taking office. The last MPC meeting took place on July 25.

The MPC plays a crucial role in reviewing economic and financial conditions, determining the appropriate policy stance in the short to medium term, regularly reviewing the CBN monetary policy framework, and communicating policy decisions effectively to the public.