CBN Gov vows to fight inflation – According to Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), the bank was committed to reducing inflation throughout his tenure.
“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives,” he stated.
CBN Gov vows to fight inflation
The bank revealed yesterday that Mr. Cardoso reiterated the direction of his leadership while hosting the Impact Investing Community, which was headed by Muhammadu Sanusi II, a former governor of the highest-ranking financial institution and the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighboring countries.
Sanusi expressed concerns over the nation’s inflation rate and asked the CBN’s new leadership to keep up their efforts to lower it, as he pointed out that it had a negative influence on people’s wealth.
In his remarks, Mr. Cardoso expressed gratitude to the Impact Investing Community for coming to the CBN, saying that the group represented a bright future for Nigeria and had the ability to revolutionize the nation’s economy by utilizing the investment opportunities that were present all around the nation.
The head of the regulatory bank also promised to prioritize the primary duty of maintaining price stability.
The head of the CBN promised that the bank would work with the Impact Investing Community to establish frameworks that would encourage investments that would support economic growth, even as he praised the organization’s excellent leadership and efforts to raise awareness and forge partnerships.
Khalifa Sanusi said in his remarks that the bank’s operations had a significant impact on Nigerians’ lives and that many people do not know the impact of a Central Bank’s works until the Central Bank fails.
Sanusi expressed worries about the nation’s inflation rate but urged the CBN’s new leadership to keep up their efforts to lower it because, as he pointed out, it has negatively affected people’s wealth.
In addition, he expressed that the CBN’s long-term planning is critical to attaining its objectives and that the fiscal authorities should prioritize agriculture and education, particularly for girls.
Sanusi promised to support the CBN in accomplishing its objectives going forward, in conjunction with the Impact Investing Community.
Mrs. Ibukun Awosika, the Chair of Impact Investing, also spoke at the CBN, expressing the bank’s and the federal government’s willingness to support changes being made to Nigeria’s investment climate through the reallocation of resources to areas where they would have the greatest positive impact.
She said that there were more than $200 trillion in investment money available globally, $1 trillion of which went toward impact investing.
She went on to say that impact investing, which is active in more than 41 nations, was prepared to work with conventional investors to improve the nation.
Awosika emphasized the value of social investment while requesting the CBN’s assistance in order to help the organization accomplish its objective.
Dr. Bala Bello, the deputy governor in charge of Corporate Services, emphasized the value of investment during his remarks at the meeting, pointing out that capital was shifting globally toward social investment.
He expressed gratitude to the team for their assistance and pointed out that cooperation and clear communication were essential to overcoming the nation’s current problems.
The Dangote Group
Limited, DIL, stated over the weekend that the business had already repatriated more than $576,008,672.41 through a number of Nigerian banks.
In addition, Ethiopian Airlines and Dangote Cement Plc have arranged a $111,968,109.38 cash swap, saving the same sum that the Central Bank of Nigeria, or CBN, would have otherwise had to pay.
Dangote reaffirmed its determination and belief in Nigeria in a statement, accusing BUA Group of sponsoring false and misleading news about its approved foreign exchange transactions, which were intended for its pan-African operations. It also noted that President Bola Tinubu’s current government has demonstrated the will and resolve to restart the country’s economy.
“We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past ten years and make public any infraction noticed or discovered.”
Dangote stated that the projects for which the foreign exchange was used were open to the public and that all of the foreign exchange bought in relation to its African Project Expansion were authentic and completely utilized for their intended purposes.
The company claims that “it is on record that some of these projects were commissioned by top-ranking Nigerian government officials, and in attendance were captains of industry, presidents of the host countries, and chief executives of various banks.”
“The commissioning events of these projects were well documented and covered by both local and international media. There are also print and electronic copies of the commissioning ceremonies as further testimony to the judicious utilization of the funds.”
Dangote went on to say that his enormous pan-African investments will soon result in the repatriation of foreign cash, increase Nigeria’s foreign exchange revenues, and stabilize the foreign exchange market.