State of Economy: Cardoso laments, says CBN don’t ‘ve all the answers

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The Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso on Friday bemoaned that the apex bank do not have all the answers to the nation’s economic woes.

Briefing the Senate Joint Committees on National Planning, Finance, Banking, and other Financial Institutions in Abuja, Cardoso said there is a limit to what the CBN can do.

“There is a limit to what we (CBN) can do, we can’t do everything. Is a joint collaborative effort which am confident if we do well, we will get out of the very difficult situation, already the signs are showing positive outcome.

“We are not saying we have all the answers, we don’t” Cardoso said.

“I want to thank distinguished senators for insightful questions and comments, and I want to say that we have noted them, it may be necessary to respond on some of them, on the exchange rate, bordering on volatility of exchange rate and also value and stabilization of exchange rate, in terms of volatility, we are using various tools to ensure that stability in terms of exchange rate happens sooner than later.

“On the issue of value of exchange rate and when it will go down; the answer is, ‘I can’t really tell you’, other than to say that I do believe that when the various measures kick in, there will be price discovery.

“If we continue in this trajectory, we will bring Nigeria back to what we have lost.

“I do accept that there will be pains and that is why it took time to mention that inflation will come down significantly between now and end of the year. I made the comment.

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“We fully appreciate our responsibility to Nigerians, but we want Nigerians to understand responsibility to themselves” Cardoso added.

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