Why CBN Must Tackle High Inflation Now - Sanusi

Sanusi Lamido Sanusi who is a former Governor of the Central Bank of Nigeria (CBN), has called on the incumbent governor of the apex bank, Olayemi Cardoso, to adopt strategic measures that will drive down the rate of inflation in the country.

In a statement released on Monday, the former Emir of Kano gave this advice last week, in Abuja, when he led the Impact Investing Community team to the CBN headquarters.

Africa Today News, New York reports that inflation has continued to accelerate in recent months and is currently at 26.72 percent as of September 2023.

Sanusi urged the new leadership at the CBN to work persistently to drive down the inflation rate, adding that it was negatively affecting individual wealth.

He also agreed that the CBN’s long-term planning was essential to the organization’s success.

The former head of CBN underlined that the fiscal authorities should prioritise education and agriculture, particularly for girls.

The Bank’s activities have a massive impact on the lives of Nigerians and many people often do not know the impact of a Central Bank’s works until a Central Bank fails. I urged the new leadership at the CBN to work persistently at driving down the rate, which had severely impacted the wealth of individuals,’ Sanusi stated.

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Earlier, Cardoso promised that under his leadership, the bank will focus mainly on the core mandate of price stability.

He maintained that his team was determined to change the narrative about the bank and make the apex bank more impactful in the lives of Nigerians by curtailing inflation.

‘At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.’ He said.

Speaking further, Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria with the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.

While commending the quality of leadership at Impact Investing Community and its effort in creating awareness as well as building partnerships, Cardoso assured the gathering that the bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that will positively influence the lives of Nigerians and contribute to economic growth.

Also speaking, the Chairperson of Impact Investing, Mrs. Ibukun Awosika, said they were at the CBN to register their willingness to support what the bank and the Federal Government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they will make the most positive impact.

Africa Today News, New York

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