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TDF Lauds Cardoso’s Monetary Policy Reforms, Points To Economic Gains

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Abuja, Nigeria – The Democratic Front (TDF) has issued a statement praising the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, for his effective monetary policy reforms, citing positive results in the nation’s economy.

The statement, signed by TDF Chairman Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, attributed the positive developments to Cardoso’s efforts in addressing the “policy missteps” of his predecessor.

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The TDF highlighted the World Bank’s Nigeria Development Update (NDU) as evidence of the detrimental impact of past policies, which the group argued contributed to a spike in inflation.

The statement lauded President Bola Ahmed Tinubu’s “sweeping reforms,” including deregulation and the restructuring of fiscal and monetary systems, as necessary steps to avoid an economic crisis similar to Venezuela.

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Since his appointment, Cardoso has overseen a series of significant changes, including five interest rate hikes that have stabilised the local currency under the free-float regime.

These increases, which brought the rate from 18.75% to 26.75% in July 2024, were applauded by global economic experts and investors for promoting investor confidence.

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Cardoso’s reforms have also addressed issues such as inflationary pressure, volatile foreign exchange markets, mounting debts, and concerns about financial inclusion.

The TDF cited the restoration of transparency in foreign exchange transactions, eliminating arbitrage opportunities, and clearing a backlog of forex obligations as key achievements.

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These efforts have boosted investor confidence and improved liquidity in the economy, as evidenced by the current external reserve of $38.9 billion, a significant increase from $33.6 billion in October 2023.

The TDF acknowledged the current hardship experienced by consumers due to the Naira’s depreciation against the dollar but emphasized that these challenges are necessary for long-term economic reform. They expressed confidence in a recovery within the next year.

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The TDF urged Cardoso to continue his efforts, believing that his leadership has positioned the Naira as a competitive currency and made Nigeria’s economy attractive to foreign investors.

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