Ahmadu Bello University (ABU) has commended the Central Bank of Nigeria (CBN) for the ongoing reforms it is carrying out to restore stability, transparency, and credibility to the financial system.
The university also acknowledged with profound satisfaction how the bank is championing monetary-fiscal coordination for the first time as a means of substantially reining in inflation.
The Vice-Chancellor, Ahmadu Bello University, Prof Adamu Ahmed, made the remarks when he visited the CBN Governor, Mr Olayemi Cardoso, in Abuja.
Ahmed was in the company of the Deputy Vice-Chancellor, Advancement, Research and Innovation, Prof Aliyu Rafindadi Sanusi.
“I wish to briefly commend you and your team for the important reforms undertaken since your assumption of office”, Prof Ahmed said.
He said 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.
Ahmed also said the university recognised the courage with which the CBN boss had 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.
Ahmed said they fully understood that difficult reforms take time and may involve short-term adjustments, saying, however, 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 also stressed.
He canvassed for partnership between the apex bank and universities.
According to him, 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 also said.
Receiving the Vice-Chancellor, the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, expressed appreciation for the visit.
He immensely appreciated the university for producing several top personnel of the bank, including a CBN Governor, Sanusi Lamido Sanusi, and many other Deputy Governors.
The CBN boss said he looked forward to visiting the university to interact with both the staff and students on Nigeria’s economy generally.