We Are Not Responsible for Your Woes—CBN Tells Nigerians

By Aduragbemi Omiyale

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has absolved the bank from the current economic hardship the citizens are going through, saying he and his team are only part of the solution and not the problem.

He said this on Tuesday while briefing newsmen on the outcome of the first Monetary Policy Committee (MPC) meeting under his leadership.

Mr Cardoso was confirmed as the substantive leader of the central bank last September by the Senate after Mr Folashodun Shonubi, who sat on the seat in an acting capacity after the removal of Mr Godwin Emefiele in June 2023, was asked to go.

The new CBN chief delayed the rate-setting gathering till this month to the dismay of some observers.

While informing journalists of the decisions of the team, he said Nigerians should perish the thoughts that the central bank put them through their current woes.

“I laugh at that question but it’s 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,” Mr Cardoso responded to a question from a journalist.

At the meeting today, the MPC increased the Monetary Policy Rate (MPR) by 400 basis points or 4.00 per cent to 22.75 per cent from 18.75 per cent.

It also raised the Cash Reserve Ratio (CRR) by 12.5 per cent to 45.0 per cent from 32.5 per cent, but left the liquidity ratio intact at 30.0 per cent, while the Asymmetric Corridor is at +100 basis points/-700 basis points around the MPR.

The Nigeria Labour Congress (NLC) started a two-day nationwide protest against hardship and hunger on Tuesday despite efforts by the federal government to stop it.

Nigerians across the country joined the demonstration, carrying placards with various messages, calling on the government to ease the hardship in the country.

The country is going through a tough time as a result of an end to petrol subsidy and the devaluation of the Naira triggered by the liberalisation of the exchange rates.