Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy

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Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso - Politics - Nairaland

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Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by bennybuhari: 8:55pm On Oct 29

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) on Tuesday says his predecessor, Godwin Emefiele used a whole lot of unorthodox methods to grow Nigeria’s economy.

Cardoso, who was appointed CBN governor by President Bola Tinubu in September 2023 made the remarks during his keynote interview at the ongoing Financial Times Africa Summit tagged ‘Driving Sustainable Growth Across Africa’ in London, United Kingdom.

While identifying investor confidence as a major challenge he faced when he assumed office, Cardoso said the CBN under his leadership will use orthodox methods and will do everything it takes to manage inflation.

“Really and truly, what had happened is that a whole host of different, unorthodox methods were used to grow the economy. My own view is to use orthodox policies to manage the macro economy”.

“We’ve had cause to collectively raise interest rate five times, collectively 850 basis points. Quite frankly, our view is that it is critical that we manage inflation and we are prepared to use whatever tool that we have at our disposal to do that. We will do whatever it takes to achieve that”.

When asked whether Nigerians understand the policies being implemented, Cardoso says: “No, they don’t. I think that is one of the biggest challenges, and that is why I am at a forum like this.”

During his screening and confirmation as the CBN governor by the Senate last year, Cardoso informed the lawmakers that he will abandon some of Emefiele’s policies.

https://thescrutinyng.com/2024/10/29/emefiele-used-unorthodox-methods-to-grow-nigerias-economy-cardoso/

7 Likes 1 Share

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by LordIsaac(m): 8:56pm On Oct 29

And see where the orthodox method left us!

135 Likes 11 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Citizens247(m): 8:58pm On Oct 29

Please keep mute if you have nothing to say.

134 Likes 6 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by EmeeNaka: 8:58pm On Oct 29

When did CBN governors start talking about their predecessors?

188 Likes 11 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by 10mobile: 9:00pm On Oct 29

Hmmmm! Soon, another CBN governor will be here to pick holes in what you are doing now.

53 Likes 4 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by happney65: 9:01pm On Oct 29

Bros you are not serious at all. Do you understand what you're saying sha? You know what the current interest rate says? Making it expensive for business people who take bank loans

Egbon,E lo sun

60 Likes 2 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Sheuns(m): 9:02pm On Oct 29

And you’re using orthodox methods to cripple the economy.

101 Likes 3 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Taich(m): 9:07pm On Oct 29

EmeeNaka:
When did CBN governors start talking about their predecessors?

Since BAT came on board, BAT and his crew, always speaking without thinking, running around like headless chicken. They only thing they understand is looting and squandering borrowed funds.

93 Likes 7 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Macphenson: 9:29pm On Oct 29

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by HenryThegreat1(m): 9:37pm On Oct 29

Ewu
U are a big fool.

23 Likes 1 Share

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Ikaeniyan0: 9:38pm On Oct 29

We know this, the Koko right now is that, when will your orthodox method start reflecting positively in the lives of Nigerians?

40 Likes 2 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by OgaTheTop2: 11:11pm On Oct 29

What is this again

2 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Omoslim26: 11:24pm On Oct 29

Someone should tell this alajo shomolu to go and sit down and not talk about anything related to Economy grin

This one is the dumbest CBN governor ever liveth in Nija grin

51 Likes 3 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by afesco: 12:15am On Oct 30

Then, you used modern method to destroy Nigeria's economy.

25 Likes 1 Share

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by MarketDispatch: 2:58am On Oct 30

bennybuhari:
, (CBN) on manage the macro econoo/

The effects of sorting lecturers to graduate whilst in school and not attending classes to understand Economics.

25 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by bdon123(m): 3:16am On Oct 30

U wey use orthodox how market?wat hav u achieved?

14 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by VeeVeeMyLuv(m): 3:25am On Oct 30

EmeeNaka:
When did CBN governors start talking about their predecessors?

That's very very unfortunate

It is only pathetic APC regime that can do this rubbish

This guy is talking about orthodox and unthordox when, naira keeps on plunging into the abyss, inflation is tipping towards hyperinflation and the purchasing power of citizens have been effectively destroyed by clumsy policies of free market pure capitalism supervised by kakistokratic kleptomaniacs under an atmosphere of corruption.

Majority of masses pockets are drying up because of your clumsy policies.

In a bid to bridge the gap between official FX and parallel rate, prices of goods and services keeps flying up, recently your boss increase petrol price again. You don't leave your currency for speculators to feast on. Making a living off this menance has damaged the currency. Maybe it's time to review your policies.

If you guys don't have the knowledge of how to handle the economy effectively, productively and sustainably mellow down, humble yourselves and go beg the PDP predecessors for wise counsel. Ask Prof Soludo how he managed your CBN during his time.

Though the nature/kind of challenges faced in the past are quite different compared to the present. Different times, factors, realities.

17 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by VeeVeeMyLuv(m): 3:57am On Oct 30

This man is advocating for naira to be further devalued:

X@lekansote1, lekansote.com

Bloomberg ranks the naira among the world’s 10 weakest currencies, three of which –Zambian kwacha, Angolan kwanza, and Nigeria’s naira– are from Africa. Their weakness is attributed to unstable commodity prices, inflationary pressures, and lack of dollar liquidity, a point of view that enables Euro-American metropolitan economies to prey on Third World economies.

But the weak naira needn’t be a disadvantage if President Bola Tinubu’s economic managers can flip things around, and take advantage of economies of large-scale production by getting the real sector, especially, to produce, for export, goods for which Nigeria has a comparative advantage. Investment banker, Dr. Nnaemeka Obiaraeri, says Nigeria has no currency problem but lacks productivity.

After the Naira gains strength from the accumulated foreign reserve therefrom, it should be further devalued– to maintain the weak regime that should earn even more convertible currency to finance the importation, and acquisition of more infrastructural and industrial production capacity that will eventually strengthen the naira.

But strengthening the naira will not be the only intent of this strategy, but is to reverse the current import-oriented trend of the Nigerian economy and tap the ready market for Nigeria’s manufactures in richer economies.

Nigeria’s fiscal, monetary, and macroeconomic policymakers should consider this unorthodox opportunity to strengthen Nigeria’s economy which is suffering from inappropriate economic policies that are imposed by Breton Woods institutions on an unwary political class.

If all this works, all CBN Governor Cardoso needs to do is to keep looking for creative ways to devalue the naira further, which will be getting stronger, to make Nigeria’s farm produce and industrial manufactures affordable for consumers in foreign countries with stronger currencies.

X@lekansote1, lekansote.com

8 Likes 1 Share

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Seunmsg1: 4:52am On Oct 30

bennybuhari:
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) on Tuesday says his predecessor, Godwin Emefiele used a whole lot of unorthodox methods to grow Nigeria’s economy.

Cardoso, who was appointed CBN governor by President Bola Tinubu in September 2023 made the remarks during his keynote interview at the ongoing Financial Times Africa Summit tagged ‘Driving Sustainable Growth Across Africa’ in London, United Kingdom.

While identifying investor confidence as a major challenge he faced when he assumed office, Cardoso said the CBN under his leadership will use orthodox methods and will do everything it takes to manage inflation.

“Really and truly, what had happened is that a whole host of different, unorthodox methods were used to grow the economy. My own view is to use orthodox policies to manage the macro economy”.

“We’ve had cause to collectively raise interest rate five times, collectively 850 basis points. Quite frankly, our view is that it is critical that we manage inflation and we are prepared to use whatever tool that we have at our disposal to do that. We will do whatever it takes to achieve that”.

When asked whether Nigerians understand the policies being implemented, Cardoso says: “No, they don’t. I think that is one of the biggest challenges, and that is why I am at a forum like this.”

During his screening and confirmation as the CBN governor by the Senate last year, Cardoso informed the lawmakers that he will abandon some of Emefiele’s policies.
https://thescrutinyng.com/2024/10/29/emefiele-used-unorthodox-methods-to-grow-nigerias-economy-cardoso/

Cardoso Mutairu aka seunmsg .Sorry ....... Apologies my brother.

6 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by BigYash: 6:14am On Oct 30

So what are you using to sink Nigeria?

4 Likes 2 Shares

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by atobs4real(m): 6:19am On Oct 30

May be they will hear. APC just came and dabaru everything

1 Like

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Sebastine1994(m): 6:19am On Oct 30

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by atobs4real(m): 6:19am On Oct 30

May be they will hear. APC just came and dabaru everything using jungle system approach

5 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Nwaokunkpara: 6:20am On Oct 30

There will always be an excuse for their failures

10 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by atobs4real(m): 6:20am On Oct 30

May be they will hear. APC just came and dabaru everything using sniper system approach

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Starships4u(m): 6:20am On Oct 30

This one dan ment....

Lemme not talk...

3 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by strangest(m): 6:20am On Oct 30

And they are the reason for your failure?

2 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Hueyreckless0007: 6:20am On Oct 30

😡😡😡😡😡

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Lithiumite: 6:22am On Oct 30

The topic is different from the post.....

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Exceed15: 6:22am On Oct 30

Story, story but no results. This govt are bunch of clueless people. No wonder the country is in a state of "SORRY"

6 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by nairalanda1(m): 6:22am On Oct 30

Yep, we were

1. Massive borrowing to defend the naira , pay for subsides, etc...(which Cardoso continues, by the way, so he ain't innocent)

2. Printing and more printing of money (which Cardoso's boss once advocated actively).

3. Not diversifying the economy (which APC Has not done since 2015, despite the flowery speeches given)

4. Multiple exchange rates...which ended only because the money to pay for it had literally run out since 2022, not because APC wanted to stop it.

3 Likes

Re: Past CBN Governors Used Unorthodox Methods To Grow Nigeria’s Economy – Cardoso by Lithiumite: 6:23am On Oct 30

EmeeNaka:
When did CBN governors start talking about their predecessors?

The topic is different from the post.....this is click bait!!

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