The central bank has adopted AI in monetary policy in Nigeria. The central bank Governor Yemi Cardoso made this comment in a fireside chat at the London Business School and moderated by Helene Ray, Lord Bagri Professor of Economics at London Business School.
According to Yemi Cardoso he stated that AI has been “adopted in monetary policy particularly with forecasting” signaling how important the bank sees AI adoption in a world of technology.
Yemi Cardoso also responded to question around cryptocurrency stating that the apex bank understood it’s importance to young Nigerians and will soon put out a statement in this direction.
On interest rate he also admitted that rates were high but that as the situation develops it will start to adjust itself.
Now that arbitrage as disappeared more banks will focus on business generation efforts.
On bank recapitalization he also stated that banks that cannot meet their licensee can downgrade or can merger stating that they have been giving enough time.
He also said he doesn’t see any undue time for panic effectively shutting down any chances of an extension.
Bond Markets
There is no takeover of the bond market. What we have done is what we did in to forex market. Price discovery makes the market function better. It’s about getting market participants to operate in a transparent manner. Allow them to participate according to their license category. Marker efficiency and what you expect in the functional market. Electronic funding continues.
Reforms that should have been done a decade ago wasn’t done. If reforms had been done earlier things won’t be this bad. Fuel subsidy was not sustainable for forex exchange we were in an utter crisis.
My job is to ensure there is stability in foreign exchange market and prices and not growth.
The company Deloitte recently used AI to create a report for the Australian government. The AI developed errors. So I think that they should be careful where they make use of AI.
https://youtu.be/045GE7zOFhg?si=7ewLn760GefrOFuf