We Will Fight To Protect Economic Stability, Says Cardoso

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the apex bank will do everything in its power to protect the stability it has been able to achieve in the Nigerian financial system.

Speaking at the inaugural CBN Governor Lecture Series, Cardoso said the apex bank has over the past two years embarked on reforms that have translated to stability in the economy

“The Central Bank of Nigeria has been able to achieve stability. We will fight, protect, and do everything necessary to maintain stability,” the CBN governor declared. “Because without stability, the things you are asking about cannot happen. Serious investors will run away without it.”

According to him, the gains already recorded were reflected in recent economic data. “If you look at the results from the last quarter, you will see that growth has been quite remarkable. We believe that the journey has only just begun,” he said.

Cardoso stressed that both large and small-scale investors, including micro businesses, rely on a stable environment to thrive. “Nobody wants to invest and lose money. Why should they deal with all the difficulties of running a business and then add instability on top of that? There is no reason. That is our job. That is our responsibility,” he said.

He assured that the apex bank remains committed to sustaining the momentum. “The answer to your question is that we will protect the stability we have been able to achieve and ensure that the growth we desire—growth that comes from stability—will be sustained,” Cardoso added.