By Ken Afor
Given the record-breaking 26.27 percent inflation, Sanusi Lamido Sanusi, former Governor of the Central Bank (CBN), has implored the incumbent apex bank Governor Olayemi Cardoso to implement successful plans that will decrease the inflation rate in the country.
Sanusi, a former Emir of Kano, gave the advice on Sunday in Abuja during a visit by the Impact Investing Community team to the CBN headquarters.
In September, Nigeria’s inflation rate surged to its highest level in around two decades, reaching 26.72%, which serves as a reminder of the increasing cost-of-living crisis faced by Africa’s largest economy.
In September, the inflation rate increased for the ninth month in a row from August’s 25.8%, according to the National Bureau of Statistics (NBS), despite the fact that millions of Nigerians have been left impoverished as a result of President Bola Tinubu’s reforms.
The inflation rate of food items in Nigeria, which makes up the majority of the nation’s inflation basket, saw an increase from 29.34% in August to 30.64% in September.
Given the staggering high rate of these figures, Sanusi emphasized the importance of the new leadership at the CBN to strive diligently in decreasing the inflation rate, noting that it was causing a decline in personal wealth.
Additionally, he underlined the significance of the CBN coming up with thorough plans in order to realize its aspirations.
The ex-CBN boss stressed the importance for fiscal authorities to concentrate on agriculture and education, particularly for the female children.
His words, “The Bank’s activities have a massive impact on the lives of Nigerians and many people often do not know the impact of a Central Bank’s works until a Central Bank fails. I urged the new leadership at the CBN to work persistently at driving down the rate, which had severely impacted the wealth of individuals.”
In his response, Cardoso vowed that the primary goal of the bank under his leadership would be the promotion of price stability.
He emphasized that his team was eager to alter the reputation of the bank and to have a considerable effect on Nigerians by bringing down inflation.
“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives,” he said.
Cardoso expressed his appreciation to the Impact Investing Community for coming to the CBN, pointing out the immense potential they hold in being able to take advantage of investment opportunities in Nigeria and beyond to transform the economy of the country.
He praised the initiative of the Community and its efforts in publicizing possible investments and forming alliances. He reiterated the support of the CBN in establishing structures that will foster investments that better the livelihoods of Nigerians and foster economic development.
The apex bank chief, who has been in office for nearly two months, faces immense responsibilities. Despite this, the value of the naira against a basket of currencies – primarily the US Dollar – has continued to appreciate, driving up prices of goods to a record high with no solution in sight.
