ABU Commends CBN for Ongoing Reforms to Stabilise Economy

Ahmadu Bello University (ABU) has commended the Central Bank of Nigeria (CBN) for the ongoing reforms aimed at restoring stability, transparency and credibility to the financial system.

The University also acknowledged with satisfaction how the Bank is championing monetary-fiscal coordination for the first time as a means of substantially reining in inflation.

The Vice-Chancellor of Ahmadu Bello University, Prof. Adamu Ahmed, made the remarks when he visited the CBN Governor, Mr. Olayemi Cardoso, in Abuja recently.

Prof. Ahmed was accompanied by the Deputy Vice-Chancellor, Advancement, Research and Innovation, Prof. Aliyu Rafindadi Sanusi.

In his remarks, Prof. Ahmed commended the CBN Governor and his team for the important reforms undertaken since assumption of office.

He noted that the CBN Governor inherited a particularly challenging economic environment marked by pressures in the foreign exchange market, high inflation, weakened confidence and significant macroeconomic imbalances.

The Vice-Chancellor recognised the courage with which the CBN leadership has pursued reforms to restore stability, transparency and credibility to the financial system.

He described as important steps in the right direction the reforms in the foreign exchange market, efforts to strengthen reserves and market confidence, the recapitalisation of the banking sector and the renewed focus on monetary policy effectiveness.

Prof. Ahmed stated that the University fully understands that difficult reforms take time and may involve short-term adjustments, adding that Nigeria needs policy consistency, institutional discipline and the courage to address longstanding economic distortions.

"The objective must ultimately be a more stable economy that promotes investment, productivity, employment and inclusive growth," he stressed.

He canvassed for partnership between the apex bank and universities, noting that universities bring research, knowledge, innovation and young talent, while the CBN brings practical policy experience and some of the most important economic questions facing the country.

"There is scope for joint research, policy dialogue, staff exchanges, internships, student mentorship and practical exposure to monetary policy, banking and financial technology," he said.

Receiving the Vice-Chancellor, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, expressed appreciation for the visit.

He commended the University for producing several top personnel of the Bank, including a former CBN Governor, Sanusi Lamido Sanusi, and many Deputy Governors.

The CBN Governor said he looked forward to visiting the University to interact with both staff and students on Nigeria's economy.