\n
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has slammed his predecessor, Godwin Emefiele for undertaking policies which put the country\u2019s apex bank in a bad light in the past few years.<\/p>\n
Cardoso made this known in his speech on Friday at the Chartered Institute of Bankers of Nigeria\u2019s (CIBN) 50th-anniversary event.<\/p>\n
The CBN Governor stated that he was aware that the apex bank\u2019s activities over the past few years had put the CBN in a bad light, but they were trying to rectify the situation.<\/p>\n
He said: \u201cI am aware that events over the past few years have also put the CBN in a bad light.<\/p>\n
READ MORE:\u00a0Court Grants Former CBN Gov, Emefiele N300m Bail<\/strong><\/p>\n\u201cThese issues can be attributed to various factors, such as corporate governance failures, diminished institutional autonomy of the Central Bank of Nigeria, a deviation from the core mandate of the Bank, unorthodox use of monetary tools, an inefficient and opaque foreign exchange market that hindered clear access, a foray into fiscal activities under the cover of development finance activities.<\/p>\n
\u201cThere was also a lack of clarity in the relationship between fiscal and monetary policies, among other challenges.<\/p>\n
\u201cHitherto, the CBN had strayed from its core mandates and was engaged in quasi-fiscal activities that pumped over N10tn into the economy through almost different initiatives in sectors ranging from agriculture, aviation, power, youth and many others.<\/p>\n
\u201cThese clearly distracted the bank from achieving its own objectives and took it into areas where it clearly had limited expertise.\u201d<\/p>\n
\n
\u201cUnder my leadership, the Central Bank of Nigeria will vigorously address these issues. We will tackle institutional deficiencies, restore corporate governance, strengthen regulations, and implement prudent policies.<\/p>\n
\u201cWe assure investors and the business community that the economy will experience significant stability in the short-to-medium term as we recalibrate our policy toolkits and implement far-reaching measures,\u201d he added.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has slammed his predecessor, Godwin Emefiele for undertaking policies which put the country\u2019s apex bank in a bad light in the past few years. Cardoso made this known in his speech on Friday at the Chartered Institute of Bankers of Nigeria\u2019s (CIBN) 50th-anniversary event. The CBN […]<\/p>\n","protected":false},"author":1,"featured_media":124707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-124706","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"\n
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