The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso held a high-level meeting at the Central Bank Headquarters in Abuja on Friday to brainstorm on the economic reforms being implemented by the administration of President Bola Tinubu.
The objective of the meeting is to advance ongoing efforts at strengthening coordination between fiscal and monetary authorities.
The strategic engagement aimed at synchronizing fiscal and monetary policy frameworks would pave the way for macroeconomic stability, enhanced investor confidence, and sustainable economic growth.
The meeting was part of ongoing efforts to strengthen coordination between fiscal and monetary authorities, focusing on aligning policy frameworks to ensure macroeconomic stability, enhance investor confidence, and support sustainable economic growth.
Both parties reaffirmed their commitment to closer collaboration in addressing current economic challenges and delivering on President Bola Tinubu’s economic reform agenda.
The meeting marks a significant leap forward as the country is poised to unlock the full potential of its economy, create opportunities for all, and secure a brighter future for generations to come.
Cardoso had recently stated that the apex bank would sustain and enhance reforms aimed at strengthening economic buffers to withstand external shocks.
While the Central Bank will continue to lay the foundation for price stability and foster a conducive policy environment, Cardoso said the role of banks in this journey is crucial.
“Now is the time for banks to step up to their intermediation and market-making responsibilities, providing customers with the right solutions to run their businesses and manage risks effectively.
“We are not oblivious to the challenges of the past decade, including the japa of experienced professionals in the financial sector.
“This moment presents an opportunity to rebuild our competency framework, re-educate staff, and return to best practice training. Re-education is critical-concepts like ‘willing buyer/willing seller’ have been misinterpreted, and the market has forgotten that at least one counterparty in a transaction must be an authorized dealer.
“We must restore these standards and uphold industry ethics. We will also prioritize capacity development and continuous education at the CBN, which is home to many talented individuals,” he added.
He added that the Central Bank had intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system.
