The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has reassured Nigerians that the bank’s economic reforms are yielding significant results. Speaking at the Business Day CEO Forum 2024 in Lagos on Thursday, Cardoso highlighted a 50% reduction in month-on-month inflation between February and May.

Cardoso explained that interest rates are determined by the independent Monetary Policy Committee, composed of data-driven experts who prioritize empirical evidence. “Interest rates are not set by the governor of the central bank. The Monetary Policy Committee, made up of independent-minded individuals who focus on data, sets the rates. They will do whatever is necessary to tame inflation,” he said.

Cardoso acknowledged the challenges posed by injecting substantial funds into the economy, including N27 trillion and N10.5 trillion interventions under the Ways and Means framework. He credited timely rate adjustments for stabilizing the national currency against fluctuations.

Looking ahead, Cardoso expressed optimism that continued adherence to effective policies would lead to further stabilization and eventual reduction in interest rates. He projected positive growth for Nigeria but lamented missed opportunities due to inadequate measures. He emphasized the importance of sincerity, collaboration, and transparent communication in achieving sustainable development.