Nigeria: CBN Governor Cardoso Vows to Fight Inflation

·To focus on core mandate of price stability ·Inflation has had massive impact on lives of Nigerians–Sanusi

The governor of Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, has said the bank, under his leadership, was determined to make its impact felt by curtailing inflation.

He said: “At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

The bank disclosed yesterday that Mr. Cardoso restated the direction of his leadership while playing host to the Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who was also former governor of the apex bank.

Sanusi, also while expressing concerns about the inflation rate in the country, urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

Speaking further, Mr. Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria, with the potential to transform the country’s economy by tapping into the investment opportunities available across the country.

The apex bank boss also vowed to focus mainly on the core mandate of price stability.

While commending the quality of leadership at Impact Investing Community and its effort to create awareness, as well as build partnerships, the CBN boss assured that the bank would collaborate with them in the direction of putting in place frameworks that would encourage investments that would contribute to economic growth.

In his remarks, Khalifa Sanusi noted that the bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

While expressing concerns about the inflation rate in the country, Sanusi urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Sanusi pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

Also speaking, the Chair of Impact Investing, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the federal government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they would make the most positive impact.

According to her, over $200 trillion was available around the globe as investment funds, with $1trillion of it with impact investing.

She stated further that impact investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

While stressing the importance of social investment, Awosika sought the support of the CBN to enable the body achieve its goal.

In his remarks at the meeting, the deputy governor in charge of Corporate Services, Dr. Bala Bello, underscored the importance of investment, noting that global capital was moving towards social investment.

He thanked the team for its support, noting that collaboration and effective communication were vital to successfully navigate the current challenges in the country.

Forex: Dangote repatriates $687,977m from pan-African operations

Dangote Industries

Limited, DIL, weekend said the company so far has repatriated over $576,008,672.41 through various banks in Nigeria.

This is in addition to a $111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines, saving the same amount that would have been paid by the Central Bank of Nigeria, CBN.

In a statement where it accused BUA Group of sponsoring fake and misleading news about its foreign exchange transactions, approved by the CBN, which were meant for its pan-African operations, Dangote re-affirmed its determination and belief in Nigeria, noting that the present Government, of President Bola Tinubu, has shown the will and resolve to get the economy moving again.

It said “We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered.”

Insisting that all forex purchased in respect of its African Project Expansion were genuine and fully utilised for what they were meant for, Dangote revealed that the projects for which the forex was utilised are visible for everyone to see.

According to the company, “It is on record that some of these projects were commissioned by Nigerian top-ranking government officials and in attendance were chief executives of various banks, captains of industries, and the presidents of the host countries supported by their senior government officials.

“The commissioning events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilisation of the funds.”

Dangote further explained that its massive investments in pan Africa will lead to the repatriation of forex in the very near future and boost foreign exchange earnings in Nigeria, as well as stabilise the forex market.


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