“I Will Review Nigeria’s Monetary Policy”  – Tinubu; Says It Needs Total Cleaning

By Ayodele Oni

President Bola Tinubu has announced that his administration’s monetary policy will have human face.

President Tinubu declared that “Monetary policy needs thorough housecleaning.

“The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

‘Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.

“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”

On the Nigeria’s journey so far, President Tinubu remarked that

“As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.

“The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

“For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

“This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

“We have endured hardships that would have made other societies crumble.

“Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.

“To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.”