Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), addressed concerns about the country's economic challenges during the first Monetary Policy Committee (MPC) meeting held since he assumed office in September 2023.

Cardoso emphasized that he and his team are not to blame for the current economic difficulties faced by Nigerians. He asserted that the CBN is actively taking measures to restore the country's fiscal and monetary stability.

Responding to inquiries about the CBN's role in the economic downturn, Cardoso stated, "I laugh at that question, but it's not a laughing matter... We are not responsible for the woes that we have today; we are part of the solution." He stressed the importance of understanding the context in which the CBN operates and the need to address the crisis of confidence that existed when he assumed office.

Acknowledging the challenges ahead, Cardoso expressed his determination to implement necessary reforms to improve the situation. He highlighted the importance of restoring confidence in business operations, as it is crucial for economic progress.

During the MPC meeting, the committee decided to raise the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 percent from 18.75 percent. This adjustment is aimed at addressing the country's high inflation rate, currently at 29.90 percent.

Cardoso, who previously served as Commissioner for Economic Planning and Budget in Lagos State, assumed leadership of the apex bank following the suspension of Godwin Emefiele by President Bola Tinubu.