-Urges Sustained Momentum
The Northern Ethnic Youth Group Assembly (NEYGA) has officially commended the leadership of the Central Bank of Nigeria (CBN), under Governor Olayemi Cardoso, for the visible progress recorded in stabilizing the nation’s economy.
In a statement released on Tuesday and signed by the group’s spokesperson, Mallam Ibrahim Dan-musa, the assembly noted that the strategic reforms initiated by the current CBN management are beginning to yield tangible results, particularly in the areas of foreign exchange management and the containment of inflationary pressures.
Reforms Yielding Results
According to NEYGA, the recent appreciation and relative stability of the Naira against major international currencies are clear indicators that the “orthodox monetary policy” approach adopted by the Cardoso-led team is working. The group highlighted that the transparency brought back to the Bureau De Change (BDC) operations and the clearing of valid foreign exchange forwards have restored investor confidence.
“We have observed with keen interest the various policy tweaks and the courageous decisions taken by the Apex Bank in recent months,” the statement read. “For the first time in a long period, we are seeing a systematic approach to checking inflation and a deliberate effort to shield the Naira from the hands of speculators. These reforms are not just figures on paper; they are beginning to reflect in the predictability of the market.”
Call to Sustain Momentum.
While acknowledging the progress made, Mallam Dan-musa emphasized that the work is far from over. The group tasked the CBN to remain steadfast and not succumb to pressure from those who profited from the previous era of economic volatility.
“The task of rebuilding the economy is a marathon, not a sprint. We urge the CBN management to sustain this momentum. The current stability must be protected at all costs to ensure that the cost of living, which has hit the common man hard, begins to take a downward trend across the country, particularly in the North where market prices are heavily influenced by transportation and foreign exchange costs.”
Seeking Further Interventions
The NEYGA also used the medium to call for more targeted interventions that would benefit the real sector. The group sought further policies that would ease credit access for small and medium enterprises (SMEs) and the agricultural sector, which are the backbones of the Northern economy.
“While we celebrate the stabilization of the Naira, we also seek more efforts in ensuring that these macro-economic gains trickle down to the grassroots. We want to see a synergy between monetary and fiscal policies that will ultimately lower the interest rates for local farmers and youth entrepreneurs,” Dan-musa added.
Verdict on Cardoso’s Leadership
The statement concluded by passing a vote of confidence in Governor Olayemi Cardoso, describing him as a “silent performer” who is prioritizing long-term economic health over short-term populism.
“NEYGA stands with the CBN in its current direction. We believe that if this trajectory is maintained, Nigeria will soon emerge from its current economic doldrums into a period of sustainable growth and prosperity for all,” the statement concluded.
