January 24, (THEWILL) – The Governor, Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has revealed that a new 5-Year Strategy has been launched for the CBN under his leadership.
Dr Cardoso, who disclosed this in a keynote address he delivered at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Report, in Lagos Wednesday, said the new plan (2024-2028) was created to provide a clear roadmap for achieving the Bank’s mandate.
According to Dr Cardoso, the theme of the event, ‘Economic Transformation Roadmap: Medium-Term Policy Priorities’, underscores the requirements for a clearly outlined roadmap comprising essential multifaceted factors in line with the Bank’s new Plan.
He said, “This resonates with me as we have just last week, launched a new 5-year Strategy for the Central Bank of Nigeria for the period
2024-2028 that provides a clear roadmap for achieving our mandates anchored on the following themes:
· Price Stability and Monetary Policy Effectiveness,
· Robust and Resilient Financial System;
· Governance, Compliance, and Advisory to Government.”
Dr Cardoso added:
‘These form the pillars around which all our actions and activities will revolve, enabling us to deliver on our mission ‘to ensure monetary, price and financial system stability as a catalyst for inclusive growth and sustainable economic development’.
“The work has already started, internally within the Bank and across the banking industry, and we are committed to rebuilding an institution that is trusted and respected and promoting confidence in the economy.”
On domestic economic performance, the CBN Governor expressed optimism of improved macroeconomic conditions in 2024, adding that stable exchange rate, FX and higher demand for goods and services will spur domestic manufacturing.
He said the apex bank is implementing a comprehensive strategy to improve liquidity in the forex market in the short, medium and long-term.
“Our focus is on addressing fundamental issues that have hindered the effective operation of our mandate over the years”.
He stressed that upholding the integrity of financial markets is crucial for building confidence, adding that with the completion of an independent forensic review and the subsequent clearance of the backlog of valid forex transactions, the Bank remains steadfast in its commitment to decisively address any infractions and abuses.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
