Cardoso, CBN and the Nigerian economy,By Reuben Abati
Nigeria, Feb. 6 -- The timing of the interview could not have been more auspicious. The monetary space had become so busy recently, everything was becoming confusing. The Cardoso interview offered needed clarifications on a number of issues. He was emphatic as he had been since November 2023, that the purpose of the reforms being introduced by the CBN under him is to stabilise the foreign exchange regime and the economy through proper alignments to foster economic growth. Over the weekend, there had in fact been a panicky announcement that the Federal Government was planning to convert people's domiciliary accounts in Deposit Money Banks (DMBs) to naira at a government-determined rate. Cardoso promptly dismissed that as untrue. I think th...
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