Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) on Tuesday says his predecessor, Godwin Emefiele used a whole lot of unorthodox methods to grow Nigeria’s economy.

Cardoso, who was appointed CBN governor by President Bola Tinubu in September 2023 made the remarks during his keynote interview at the ongoing Financial Times Africa Summit tagged ‘Driving Sustainable Growth Across Africa’ in London, United Kingdom.

While identifying investor confidence as a major challenge he faced when he assumed office, Cardoso said the CBN under his leadership will use orthodox methods and will do everything it takes to manage inflation.

“Really and truly, what had happened is that a whole host of different, unorthodox methods were used to grow the economy. My own view is to use orthodox policies to manage the macro economy”.

“We’ve had cause to collectively raise interest rate five times, collectively 850 basis points. Quite frankly, our view is that it is critical that we manage inflation and we are prepared to use whatever tool that we have at our disposal to do that. We will do whatever it takes to achieve that”.

When asked whether Nigerians understand the policies being implemented, Cardoso says: “No, they don’t. I think that is one of the biggest challenges, and that is why I am at a forum like this.”

During his screening and confirmation as the CBN governor by the Senate last year, Cardoso informed the lawmakers that he will abandon some of Emefiele’s policies.