Central Bank of Nigeria (CBN) Governor Olayemi Cardoso argued that credible monetary policy depends on informed committee deliberations, independent perspectives and clear communication of decisions to markets and the public. Speaking at an IMF seminar in Bangkok, he said the CBN gives external Monetary Policy Committee members technical support and access to independent specialists, and publishes each member's policy statement. He cited the September meeting, when members agreed that weaknesses in the transmission mechanism needed fixing and cut the benchmark rate by 350 basis points, from 26.5% to 23%, a move that surprised markets. IMF First Deputy Managing Director Dan Katz said markets absorbed the decision without significant disruption. Swiss National Bank governing board chair Martin Schlegel and Banque de France governor Emmanuel Moulin also described how their institutions build consensus and communicate a common position.
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