Pains of ongoing reforms’ll soon be over - Cardoso

On Thursday, CBN Governor Yemi Cardoso said the pains of ongoing reforms will soon be over if Nigerians remain focused on supporting the monetary and fiscal policies of the government.

Cardoso, represented by Dr. Blaise Ljebor, Director, Risk Management, said this while participating in a panel discussion during the Vanguard Economic Discourse in Lagos with the theme “Reforms in the Era of Global Economic Uncertainties: Where Nigeria Is.”.

He was responding to economic and financial issues raised during the session by organised labour, Bureau de Change operators, manufacturers, and economic advisers.

He said inflation had many parts that the government was trying to fix.

“If we stay focused on the reform, the pains will be short-lived,” he said.

Earlier, while delivering the keynote, Cardoso explained the impact of the policies of the apex bank on resolving foreign exchange challenges and other monetary issues.

He explained the reasons for the planned bank’s recapitalization and measures towards tackling food inflation, Naira volatility, and other uncertainties.

“As the Governor of the Central Bank of Nigeria, I remain committed to repositioning the bank to deliver meaningful data-driven and sustainable solutions with a clear positive impact on the livelihood of all Nigerians.

“However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities working in harmony,” he said.

He thanked the contribution of Vanguard Newspaper in organising the event for collaboration and synergy in the march towards the common goals of a larger and more resilient economy.

He said the CBN will continue to implement bold reforms to make the economy work for all Nigerians, adding that the apex bank has embarked on tightening monetary policy to address inflationary pressure while reeling out positive results.

According to him, CBN is working to address the challenges in the BDC segment.

Cardoso listed policies and measures that had been adopted to sanitise the BDCs while also increasing the inflows from diaspora remittances into the economy through official channels.

He explained efforts towards improving liquidity in the foreign exchange market

He assured that CBN will continue to strengthen collaboration with other regulators and fiscal authorities to deliver sustained and inclusive economic growth.