By Jimmy
Dr. Muhammed Sanusi, a former governor of the Central Bank of Nigeria (CBN), has said that strategic steps must be taken by the apex bank to drive down inflation and halt further erosion of wealth.
Sanusi advised the incumbent CBN Governor, Dr. Olayemi Cardoso, to initiate policies that will rein in inflation, which he noted had severely impacted the economy.
The inflation rate has maintained a long streak of consecutive increases over the months. By September, it stood at 26.72% after seven consecutive increases – the highest in over a decade.
Sanusi, who is also the 14th Emir of Kano, spoke when he led members of the Impact Investing Community on a courtesy visit to Cardoso at the CBN headquarters in Abuja. According to him, CBN’s activities have a massive impact on lives.
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He added that many people often “do not know the impact of a central bank’s works until a central bank fails.” He also acknowledged the importance of long-term planning by the CBN in achieving its goals.
Expressing delight at his visit to Cardoso, Sanusi pledged continued support by the Impact Investing Community to the CBN. He emphasized the need for fiscal authorities to focus on agriculture and education, especially for the girl-child.
Cardoso reiterated that under his watch, the bank will focus mainly on the core mandate of price stability. He reiterated his team’s determination to change the narrative about the apex bank and make it more efficient.
“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives,” Cardoso said.
