Hardship: Monetary policy interventions to impact Nigerians positively – Cardoso tells Senate

Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso says the apex bank’s monetary policy interventions are designed to impact Nigerians positively amid increased economic hardship in the country.

Cardoso disclosed this on Friday while addressing the Senate Committee on Banking, Insurance and Financial Institutions.

He reiterated that the apex bank is committed to addressing the continued fluctuations in the foreign exchange market.

“We understand the economic cost of these developments not just for the economy but also for ordinary Nigerians. Monetary policies are no monetary policies if they do not impact people down the line.

“We must bear this in mind whenever we put the monetary tools into effect. I do not doubt that with the MPC meeting at the end of February, the monetary policy direction we will embark on will be clearer,” he said.

DAILY POST reports that Cardoso, officials of CBN, and the Minister of Finance, Wale Edun, appeared before the Senate committee over rising hardship in Nigeria.

Meanwhile, according to FMDQ data, despite CBN’s recent policy interventions, Naira dropped to N1,479.47 per US dollar on Thursday at the foreign exchange market.

CBN issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms last week.