{"id":97548,"date":"2023-10-12T20:06:23","date_gmt":"2023-10-12T19:06:23","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso"},"modified":"2023-10-12T22:26:29","modified_gmt":"2023-10-12T21:26:29","slug":"cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso","title":{"rendered":"CBN doesn\u2019t have magic wand to Nigeria\u2019s economic challenges \u2013 Cardoso"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), says the institution doesn\u2019t have a magic wand to address the country\u2019s myriad economic challenges.<\/p>\n

The apex bank boss disclosed this on Thursday in a statement.<\/p>\n

He stated that the bank would stick to its core monetary policy mandate and pull back from direct development finance intervention.<\/p>\n

Cardoso explained that the CBN had included fiscal intervention in its functions under previous leadership.<\/p>\n

He said going forward, the CBN is facing the problem of discontinuing unorthodox monetary policies and foreign currency management.<\/p>\n

The CBN governor said the central bank\u2019s problems are large and complex and cannot be solved by the new management oversight.<\/p>\n

\u201cIt must be emphasised that CBN does not have a magic wand that can be waved at the current economic challenges.<\/p>\n

\u201cWith focused leadership and sustained reforms, it is expected that over time, the country will gain open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots an opportunity for a more prosperous future,\u201d he said.<\/p>\n

He listed increasing private sector investment in housing, textiles and clothing, food supply chain, healthcare, and educational supplies by de-risking instrumentation as activities the bank would focus on.<\/p>\n

Nigeria\u2019s economy grapples with soaring inflation and foreign exchange crises.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), says the institution doesn\u2019t have a magic wand to address the country\u2019s myriad economic challenges. The apex bank boss disclosed this on Thursday in a statement. He stated that the bank would stick to its core monetary policy mandate and pull back […]<\/p>\n","protected":false},"author":84,"featured_media":97547,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,11494,503,254],"class_list":["post-97548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cardoso","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN doesn\u2019t have magic wand to Nigeria\u2019s economic challenges \u2013 Cardoso - Nigeria<\/title>\n<meta name=\"description\" content=\"Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), says the institution doesn\u2019t have a magic wand to addres ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN doesn\u2019t have magic wand to Nigeria\u2019s economic challenges \u2013 Cardoso\" \/>\n<meta property=\"og:description\" content=\"Olayemi Cardoso, the Governor of Central Bank of Nigeria (CBN), says the institution doesn\u2019t have a magic wand to addres ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T19:06:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T21:26:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1697129668.80289.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN doesn\u2019t have magic wand to Nigeria\u2019s economic challenges \u2013 Cardoso\",\"datePublished\":\"2023-10-12T19:06:23+00:00\",\"dateModified\":\"2023-10-12T21:26:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\"},\"wordCount\":239,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1697129668.80289.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Cardoso\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-doesnt-have-magic-wand-to-nigerias-economic-challenges-cardoso\",\"name\":\"CBN doesn\u2019t have magic wand to Nigeria\u2019s economic challenges \u2013 Cardoso - 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