CBN to revamp website to boost transparency

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says plans are underway to revamp the apex bank’s website as part of efforts to boost transparency and accountability.

Cardoso spoke on Tuesday during a dinner event at the 30th Nigerian Economic Summit (NES) in Abuja.

He said the new look website to be launched very soon, will provide a more user-friendly experience and greater access to information.

The CBN governor said the revamped website will ultimately support its commitment to transparency, and accountability and build trust with its stakeholders. 

“Information is something that we are ensuring to improve on at the Central Bank. We are bringing out activities closer to the people,” Cardoso said.

“We put out the information and we allowed people to have a line of sight and have an idea of where they are going and how far we expected to continue from that particular point.

“Our website is about to be significantly overhauled. Very shortly, we will see a new website. And that’s all headed in the direction of transparency and openness.”

‘OUR FOCUS IS TO TAME INFLATION’

Cardoso said taming inflation is key in stabilising the economy.

“Our goal continues to be that of stabilising our economy and stabilising the macroeconomic fundamentals,” he said.

“That continues to be our goal and we will not relent in ensuring that we are able to appropriately manage inflation in a direction that certainly serves the well-being of everyone.

“So, we have a situation where, from our perspective, taming inflation is key.

“Taming inflation is key because if you do not tame inflation, it has such a major throwback. It can deter investment.

“It significantly reduces purchasing power. And for those who are in productive engagements, they find that the people that they expect to provide their goods are not empowered to do so.

“So, it is so important for us to tame inflation and keep it under control.

“It is critical. Sometimes we expect that the trade-off between the real sector, high interest rates, and, of course, the whole issue of inflation, will be a timing issue. 

“And ultimately, we hope that as inflation begins to moderate, interest rates start to come down.

“And, of course, it’s a lot easier for the productive sector to operate. So, that is really the hope and that’s the trend that we expect we will get to in the not-too-distant future. 

“So, taming inflation is critical, getting the fundamentals right, and getting them working and being the president about diversification of the economy.”

The CBN governor also said the bank has made significant strides, nevertheless, “it is a journey”. 

“I believe that the progress that we have made as a central bank of Nigeria, and as the entity that is giving the responsibility of managing, monitoring, policy of the country today, is certainly one that has taken the country in the right direction. I believe there is a lot more that needs to be done,” he said.

“The enormous amount that needs to be done. And I find one cannot help but be very, very vigilant. Because things are changing all the time.

“And we cannot afford to miss any critical piece, because it will have a major impact on the overall. 

“We have deliberately stayed away from intervention. And our view is that, as a central bank, our focus will continue to be to use orthodox monetary tools.

“We are in a situation where excessive interventions have gone on for several years and those have contributed in no small measure to the situation that the economy is in.”

On recapitalisation, Cardoso said the policy was necessary to revamp banks.

“I think it is more than clear to the banks that there was a need to increase capital to pay profits and ensure we have a strong banking system,” he said.

“We have not made it a draconian and difficult regulation.  

“We are convinced that it is important to support the banks and from what I have seen so far, the road towards recapitalisation  is going in the proper direction.”

Cardoso said the move will enable banks to withstand any potential shocks.