CBN Governor, Olayemi Cardoso

 The reforms implemented by the Central Bank of Nigeria have helped cushion the impact of global economic shocks on Nigerians, preventing more severe hardship despite ongoing external pressures, the apex bank has said. CBN Governor Olayemi Cardoso disclosed this at the final briefing of the bank during the just-concluded Spring Meetings of the World Bank/International Monetary Fund in Washington DC. “The decisions of the MPC (Monetary Policy Committee), as we consistently emphasise, are data-driven. They are not based on emotion but on careful analysis of available information, and we respond accordingly. I am pleased that this cautious approach has proven justified by subsequent developments. “I would also add that if we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful,” Cardoso stated, while responding to a question on the March uptick in inflation

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