Cardoso Explains CBN’s Push for Clearer, More Credible Monetary Policy

CBN Governor Olayemi Cardoso says the bank is strengthening monetary policy credibility through more transparent decision-making, clearer communication and broader input from members of its Monetary Policy Committee. Speaking at an IMF seminar in Bangkok, Cardoso said external MPC members receive technical support, access to specialists and opportunities to engage with stakeholders and international central-banking experts. He added that the CBN now publishes individual members’ policy statements to make the reasoning behind decisions more visible. Cardoso cited the MPC’s 350-basis-point rate cut from 26.5% to 23% as an example of how the committee manages debate and communicates difficult decisions. He said credibility and clear explanations helped markets understand the decision despite initial surprise. The discussion also examined how central banks use consensus, public communication and emerging AI tools to explain policy choices during periods of economic uncertainty.

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