• Thursday, December 07, 2023
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Benin monarch tasks CBN governor on monetary policies beneficial to Nigeria’s economy

Benin monarch tasks CBN governor on monetary policies beneficial to Nigeria’s economy

The Benin Monarch, Oba Ewuare II has urged the management of the Central Bank of Nigeria (CBN) to come up with monetary policies that will benefit the nation’s economy.

BDSunday reports that the monarch made the call when Michael Mgbeze, Benin Branch Controller of the bank led his Management team on a courtesy visit to the Oba Palace in Benin City.

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Oba Ewuare II also urged Yemi Cardoso to fight corruption in the nation’s apex bank and lay out a path for economic growth.

He decried the purported money being taken away from the apex bank as well as the missing funds under the past leadership of the bank.

“What we have been hearing about CBN has not been encouraging as it concerns money. Money taken away from CBN, the investigations and so on and so forth.

“The apex bank has been through a lot of financial crises especially during the general election. We all know the story,” he said.

He, however, prayed for stability in the monetary policy in the bank and reforms of the banking sector.

Earlier, Michael Mgbeze, the Benin Branch Controller of CBN, who acknowledged some of the challenges that the bank has faced, however, assured that the Cardoso-led management team are working on efficient monetary policies to tackle the ugly trends.

Mgbeze listed some of the ugly trends to include high inflation, high unemployment and the exchange rates.

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He added that the CBN management team was also working on a realignment of the monetary and fiscal policies toward resolving the problems in the banking sector.