Nigeria’s Economy Still Facing Crisis, CBN Admits

Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has admitted that Nigeria is still in the grip of a financial and economic crisis, which the present CBN administration has inherited.

Speaking at the 14th Annual Bankers’ Committee Retreat in Abuja, Cardoso stated that the bankers’ committee’s role remains crucial in tackling the crisis and reflating the economy.

The CBN governor stated that the country faced problems in addressing poverty, increasing inflation, infrastructural deficits, insecurity, and unemployment, among other issues.

He urged members of the bankers’ committee to reflect on the issues of the previous year and find practical solutions to solve them successfully.

Tope Fasua, Special Adviser to the President on Economic Affairs, voiced concern about excess charges by point of sale operators (PoS) and urged the central bank and deposit money institutions to make cash available at all ATMs.

The three-day event, themed “Contract and Commitment to National Development and Economic Growth,” brings together prominent banking industry stakeholders.