Tackle high inflation, Lamido Sanusi urges CBN

Bisola David
Bisola David
FX backlog: CBN pays 31 banks in parts

The former governor of the Central Bank of Nigeria, Governor Lamido Sanusi, has urged the Central Bank’s current governor, Olayemi Cardoso, to use strategic measures to reduce the country’s inflation rate.

The PUNCH reported that the former Emir of Kano offered this guidance last week in Abuja when he escorted the Impact Investing Community team to the CBN headquarters, according to a statement released on Sunday.

As of September 2023, inflation is at 26.72 percent, having continued to rise in previous months.

Sanusi added that the inflation rate was destroying people’s wealth and encouraged the CBN’s new leadership to strive tirelessly to lower it.

He also agreed that the CBN’s long-term planning was essential to the organization’s success.

The former head of CBN underlined that the fiscal authorities should prioritize education and agriculture, particularly for girls.

“The Bank’s operations have a significant impact on Nigerians’ lives, and many individuals frequently are unaware of this impact until a central bank fails. Sanusi said, “I urged the CBN’s new leadership to work relentlessly at bringing down the rate, which had severely impacted people’s wealth.”

Prior to this, Cardoso pledged that the bank would prioritize price stability as its primary purpose under his direction.

He insisted that his group was committed to altering the perception of the bank and increasing the central bank’s influence on Nigerians’ lives through reducing inflation.

“We want to reflect at the end of our term and find that people’s lives have been improved by our policies.” He stated.

In addition, Cardoso expressed gratitude to the Impact Investing Community for coming to the CBN, stating that the group represented a bright future for Nigeria and had the ability to revolutionize the nation’s economy by utilizing investment opportunities both domestically and internationally.

Cardoso gave the audience the assurance that the bank would work with them to establish frameworks that will encourage investments that will positively impact Nigerians’ lives and promote economic growth, all the while praising Impact Investing Community’s leadership and effort in raising awareness and forming partnerships.

The Chairperson of Impact Investing, Mrs. Ibukun Awosika, also spoke at the CBN, expressing the bank’s and the federal government’s willingness to support changes being made to Nigeria’s investment climate through the reallocation of resources to areas where they will have the greatest positive impact.

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