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Dr. Olayemi Cardoso, the newly confirmed Governor of the Central Bank of Nigeria (CBN), has unveiled ambitious plans to boost the country's Gross Domestic Product (GDP) to $1 trillion within eight years. During his confirmation hearing before the Senate, Cardoso outlined strategies, including short-term and medium-term goals, to rejuvenate Nigeria's economy.

One of his key focuses is ensuring stability in Nigeria's exchange rate, emphasizing the importance of achieving a healthy balance of payments and diversifying the economy. He also stressed the need for evidence-based monetary policy decisions rather than impulsive ones.

Addressing the immediate operational challenges of the CBN, Cardoso highlighted unsettled obligations and the importance of addressing foreign exchange rate issues. He mentioned the removal of oil subsidies, tightening tax payments, and ramping up food production as measures to stabilize the economy.

Cardoso pledged to foster a culture of compliance within the CBN, emphasizing adherence to the law and a commitment to corporate governance. He also vowed not to let the apex bank be influenced by politicians and expressed a dedication to open and transparent communication.

The new CBN team is determined to restore the bank's dignity, double economic growth over a decade, and enhance the economy's capacity for growth. They aim to work closely with fiscal policy regulators to achieve these goals and promote a healthy forex environment.

However, during the confirmation process, lawmakers expressed concerns about the CBN's involvement in areas outside its mandate, such as construction projects, and emphasized the need for a more focused approach to monetary policy and direction.

Senate President Godswill Akpabio criticized the CBN's past actions, highlighting instances of currency changes within a short period and interference in politics. He called for a return to sound monetary policy and direction