BREAKING: CBN Governor Yemi Cardoso to address nation on monetary policy, naira fall

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is set to address the nation tomorrow, November 24, 2023, at 7 pm.

This revelation comes from a credible source close to the CBN governor, who opted to remain anonymous.

This address marks a significant moment for Cardoso, as it will be his first public engagement since assuming the role of CBN Governor over two months ago, following his appointment by President Bola Tinubu.

The primary focus of Governor Cardoso’s address is expected to be an in-depth explanation of the CBN’s monetary policy and strategic plans aimed at arresting the decline of the national currency, the Naira.

With the economic landscape facing challenges, this communication is crucial for providing transparency and reassurance to the public.

The announcement follows President Bola Tinubu’s nomination of Cardoso as CBN Governor on September 15, a decision prompted by the suspension of the former Governor, Godwin Emefiele, on June 9.

Alongside Cardoso, four deputy governors were appointed, namely Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala M. Bello.

However, Governor Cardoso has faced criticism for not convening the bi-monthly Monetary Policy Committee (MPC) meeting, the highest policy-making committee of the apex bank, since taking office. The last MPC meeting took place on July 25.

The MPC plays a crucial role in reviewing economic and financial conditions, determining the appropriate policy stance in the short to medium term, regularly reviewing the CBN monetary policy framework, and communicating policy decisions effectively to the public.