CBN Recovers N2 Trillion, Governor Cardoso Addresses Legacy Intervention Schemes

The Central Bank of Nigeria (CBN), under Governor Olayemi Cardoso, has recovered N2 trillion from old intervention schemes following an internal audit review. The audit revealed a total intervention portfolio of N10.93 trillion, with an outstanding balance of N4.69 trillion unpaid.

Cardoso highlighted the need to transition from direct lending to orthodox monetary policies to prevent economic destabilization. The CBN's focus is on launching new interventions and expanding programs to mitigate risks and promote market discipline.

The audit aims to unwind legacy distortions and restore credibility to the apex bank.