The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso has given an insight into what will happen at the helm of affairs of the country's apex bank.
In a paper obtained from the CBN, the new CBN governor Yemi Cardoso, said the CBN would no longer be directly involved in development finance interventions.
The source noted that to achieve this refocus, “one approach is to transition the CBN from directly providing financing for development projects to a more limited advisory role. Instead of directly funding projects, the CBN can provide guidance and expertise to help facilitate economic growth. Other advisory roles the CBN would play Cardoso said are: de-risking instrumentation to increase private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies.
According to him, “In assessing challenges currently facing the Central Bank of Nigeria, preliminary questions are being raised on addressing these challenges. Access to FX market and FX price discovery: What mechanisms exist to address FX rate unification under a willing buyer and willing seller arrangement? What should be the role of the Central Bank in the FX market? Is there a need for interest rate realignment to money supply, inflation, and market realities?
“The discontinuation of unorthodox monetary policies. In recent years, the CBN has resorted to unconventional measures to manage the economy, such as direct intervention in sectors like agriculture and manufacturing.
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