CBN Governor Cardoso Advocates for Transparent Monetary Policy

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), spoke at an International Monetary Fund (IMF) seminar in Bangkok, where he emphasized the importance of transparent and consensus-driven monetary policy. He stated that credible monetary policy relies on informed committee deliberations, independent perspectives, and clear communication to financial markets and the public.

Cardoso outlined how the CBN has strengthened its Monetary Policy Committee (MPC) by providing external members with technical support and opportunities for consultation with independent specialists. He noted the significance of retreats and stakeholder engagements in considering diverse economic perspectives.

Cardoso highlighted the CBN's ongoing transition towards inflation targeting, supported by IMF technical assistance, and the role of external members in this process. He also mentioned the practice of publishing individual MPC members' policy statements to enhance transparency.

Cardoso stressed the need for effective leadership in deliberations, focusing on areas of agreement before addressing disagreements.