By Our Reporter
The Central Bank of Nigeria (CBN) has defended its recent policy direction, asserting that a combination of bold monetary tightening, foreign exchange reforms, and banking sector safeguards helped steer the country away from a looming economic crisis.
According to the apex bank, decisive interventions taken at critical moments prevented deeper instability and restored a measure of confidence in the financial system.
This defence was made by the bank’s Deputy Governor, Corporate Services, Emem Usoro, in her acceptance speech at the conferment of an honorary doctorate degree in Business Administration (honoris causa) at Akwa Ibom State University’s combined 9th, 10th, 11th and 12th convocation ceremonies held in Ikot Akpaden, Mkpat Enin Local Government Area, on Saturday.
Usoro, along with other prominent Nigerians, including the Emir of Kano, His Highness Alhaji Aminu Ado Bayero; Managing Director, Hensek Engineering Limited, Engr. Uwem Okoko; Engr. Oliver Ebong; Pastor Inyang Udo Tobby; and Engr. Elvis Effiong Osung, received different honorary degrees from the university.
The policies, she said, were designed to tackle surging inflation, stabilise the naira, and address distortions in the foreign exchange market that had long undermined investor confidence.
While acknowledging the short-term pain experienced by businesses and households, the apex bank boss bank maintained that the measures were necessary to avert a far worse outcome, including capital flight, severe currency depreciation, and a breakdown in market liquidity.
She listed other economic policies of the apex bank to include the alignment of the nation’s monetary policies with its fiscal reforms, saying it has resulted in exchange rate and macroeconomic stability, boosted economic growth, and encouraged an inclusive economy for sustainable development.
“At the Central Bank of Nigeria, we are working hard to build a resilient economy that would support your dreams and make you part of a global economy that is full of immense opportunities.
“We have developed systems and implemented policies that brought the country back from economic disaster and are positioning the economy to better serve all segments of society.
“In great synergy with the Federal Government, we have aligned our monetary policies with its fiscal reforms, which have already achieved exchange rate and macroeconomic stability, boosted economic growth and is fostering an inclusive economy for sustainable development”, Usoro said.
She pointed out that the graduating students are the future and the promise of Nigeria’s great tomorrow, emphasising that the Nigerian economy cannot thrive without brilliant minds coming into the workforce and contributing to the country’s growth trajectory.
She noted that countries without vast mineral resources such as Singapore, Japan and South Korea achieved significant economic development by capitalising on the brilliance of their young people and their ability to build, invent and innovate.
“Countries without vast mineral resources like Singapore, Japan, South Korea, etc., have achieved significant economic prosperity and development by leveraging on the brilliant minds of their young men and women and their abilities to build, invent and innovate, so let your knowledge become a powerful tool for positive impact in the country.
“This is why it gladdens my heart exceedingly to see before me many brilliant young minds graduating from this great university today.
“You are our future, the promise of our country’s great tomorrow, our new success stories, and we look forward to your energy, your ideas, and your inventions, whether in technology, finance, business, entrepreneurship, creative industry, etc”, she noted.
She announced that the CBN would commit financial support to the institution’s academic and research work and urged the graduates to remain perpetually curious, hungry for knowledge, and not be apathetic to new ideas.
“As an institution, we will be supporting the university with a token for its academic and research work for greater impact in Nigeria”, she said.
She also emphasised that excellence is a product of preparation, sacrifice and perseverance, and charged female graduands not to be deterred by societal and cultural constraints in the pursuit of their dreams.
A total of 6,779 first-degree graduands and 746 postgraduate students graduated from the institution within the period under review.
The CBN defence comes amid ongoing debate over the impact of recent reforms on economic growth and cost of living.
Analysts have remained divided, with some crediting the CBN for averting systemic risks, while others argue that policy inconsistencies and delayed interventions worsened pressures before stabilisation efforts began to take hold.