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Central Bank Governor, Dr. Olayemi Cardoso, Links Nigeria’s Economic Challenges to Russia-Ukraine War

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Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has attributed Nigeria’s economic woes to various macroeconomic factors, including the lingering effects of the COVID-19 pandemic and the ongoing Russia-Ukraine war. He made this statement during the “Cowries to Cashless” lecture and launch in the Federal Capital Territory, Abuja.

Cardoso, represented by Mr. Mustapha Haruna, the Director of Banking Supervision at the CBN, emphasized that the country is facing economic challenges stemming from both the pandemic and the Russia-Ukraine conflict.

He also highlighted the significance of the book “Cowries to Cashless,” which chronicles the CBN’s historical journey, particularly its remarkable transformation of the Nigerian payment system over the past few decades, further deepened by the implementation of the cashless policy.

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Additionally, Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, commented on the recent positive trend in the naira’s value, cautioning against hoarding foreign currencies in anticipation of the local currency’s continued devaluation. He stressed that government policies would likely surprise those who engage in such practices.

Fasua, representing Vice President Kashim Shettima, mentioned that significant economic goals are being set, including the ambition for Nigeria’s economy to reach a trillion dollars by 2026. He also expressed optimism regarding the potential strengthening of the naira, as evidenced by recent developments in the currency exchange rate.

Image courtesy of Madukwe Nwabuisi - ApplesBite International Magazine
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Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.

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