'The bleeding has stopped' - Cardoso details gains of subsidy removal

The new governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, revealed on Monday, October 23, 2023, that the subsidy removal has ended the economic bleeding in the country.

Cardoso stated this at the NESG conference in Abuja on Monday, October 2023, stating that Nigeria bled out its resources during the subsidy regime.

The apex bank chief assured Nigerians that there is no reason for anxiety over the economy since what was responsible for the country's fiscal challenges has been

He said that since the subsidy was removed, the country has seen a significant increase in revenue generation, saying that the country is now on the part of economic renewal.

Cardoso said the time to be worried about the economy was during the subsidy regime.

Cardoso said: "If the fiscal is bleeding, it financially makes life difficult for us. To the extent that that has stopped, it is a big deal. It isn't anything for anybody to take lightly."

According to the CBN helmsman, there will no longer be policy somersault with the apex bank and the Forex market, stating that the market will be more predictable and transparent and give a fair playing ground for investors.

He stated that lack of transparency has eroded investors' trust in the Forex market.

He said: "The attempt at unifying the foreign exchange market could be better; at least substantially more revenue has come in.

"If we're going to create an ecosystem that will survive us all, we've got to do some basic things, some of which we are already attempting to do. For example, we need to have a situation where the rules are clear to all that engage in that business, and we will come with that."