Central Bank of Nigeria Governor Olayemi Cardoso stated that the domestic economy is showing significant durability despite various international challenges. He shared these insights during a Wednesday discussion with the Senate Committee on Banking, Insurance and Other Financial Institutions.
Cardoso explained that even with global uncertainty and Middle Eastern conflicts, Nigeria’s core sectors are experiencing growth. He noted that inflation is under control and the foreign exchange market has maintained a steady footing.
Addressing the committee led by Senator Adetokunbo Abiru, Cardoso outlined plans to boost monthly diaspora remittances to one billion dollars. He emphasized the bank’s focus on maintaining price stability and fostering long-term economic development.
These comments arrived shortly after Finance Minister Taiwo Oyedele met with the same committee. Oyedele disputed allegations that the current government had accumulated 80 trillion naira in new debt over three years. He clarified that the reported figures were largely due to accounting revisions rather than actual new borrowing, refuting claims regarding the nation’s total debt burden.
