The Governor of the Central Bank of Nigeria (CBN) has stated the bank does not have a magic wand to solve Nigeria’s current economic challenges.
The apex bank’s chief said this in an emailed speech on Tuesday according to reports from Reuters.
He said, “The CBN does not have a magic wand that can be waved at the current economic challenges,”
Nigeria currently battles a depreciating naira, double-digit inflation poised to reach 30% according to KPMG analysis and an N87 trillion debt.
However, he explained that the central bank can bring growth through various means.
These include helping institutions and financial products to bolster emerging sectors of the economy, broadening financial inclusion, and uniting multilateral stakeholders to endorse government and private sector initiatives.
