Cardoso stands firm on conventional policy amidst naira’s strain.
Olayemi Cardoso, the Governor of Nigeria’s Central Bank, is maintaining a staunch commitment to orthodox monetary policies despite renewed pressure on the naira. He insists on keeping interest rates high to tackle inflation, emphasizing the bank’s shift towards orthodox methods. Despite initial success, the naira has faced challenges, but Cardoso believes the situation is stabilizing and investors are gaining confidence. The IMF and investors have endorsed the bank’s focus on price stability, with expectations of further rate hikes to combat inflation.
This contrasts sharply with the approach of Cardoso’s predecessor, Godwin Emefiele, who oversaw an inflation crisis. While Cardoso’s policies have drawn criticism domestically for high credit costs, they align with President Bola Tinubu’s efforts to revamp Nigeria’s economy. Despite challenges, Cardoso remains optimistic but acknowledges the inflationary pressures, particularly driven by food prices.
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