As global headwinds torment financial markets, the Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has asked anxious Nigerians and the international community not to lose sleep as the nation’s economic ship is headed in the right direction and insulated from global tempest.
He gave the assurance while responding to journalists’ questions on the sidelines of the last Monetary Police Committee briefing in Abuja on Tuesday.
Beyond stabilising the financial system, he noted that the apex bank was working to structurally reduce inflation to single digit, shield the economy from global shocks and ensure the banking sector remains resilient as recapitalization progresses.
Recently, the IMF concluded its Article IV consultation in Nigeria, where it commended both the fiscal and the monetary side of the economy for some of its reforms in the last two years.
We’d like to know what your assessment of that is, and then if you have recommendations as well. First, I think it may be important to say something about why Article IV of the IMF is important. Article IV is important because the IMF is considered a credible institution.
