Centre Calls for Resignation of CBN Governor Over High Exchange Rate

…says Cardoso clueless, cannot drive monetary policy

The Centre for Social Justice, Equity, and Transparency (CESJET) has called on Olayemi Cardoso to resign as the Central Bank of Nigeria governor.

In a statement signed by its Executive Secretary, Dr. Toyin Dawodu, the Centre described Cardoso as clueless, incompetent, and unprepared for the job.

Lamenting the naira’s persistent downward trajectory, Dawodu added that Cardoso is bereft of ideas and lacks the proficiency to drive the economic revolution that the nation craves.

She further said that the unification of exchange rates has failed to solve Nigeria’s currency problems, adding that the apex bank’s policy directive is shrouded in secrecy and has failed to address structural defects.

“The Centre for Social Justice, Equity, and Transparency remains a key player in the Nigerian dream and wishes to commend President Bola Tinubu for sticking to his Renewed Hope Agenda,” Dawodu said.

“The impact has been immediate. However, the economic direction of his administration remains unclear after six months. The CBN appears to be afar the philosophy of the president.

“With the numerous controversies surrounding Godwin Emefiele, Cardoso’s appointment was seen as a breath of fresh air. However, he has not lived up to expectations.

“The naira recently fell to a record low in the parallel market due to persistent dollar shortages and increased demand for the greenback. The apex bank’s policy directive is shrouded in secrecy and has failed to address structural defects.

“The CBN also said that it has carried out a major financial injection of approximately $2 billion spanning diverse sectors, including manufacturing, aviation, and petroleum. Has the ordinary Nigerian benefited from this?

“Last year, major multinational firms publicly declared their intention to cease operations due to the challenging business environment. This environment, marked by incoherent foreign exchange policies hindering profit and dividend repatriation, has left many companies incapacitated

“As we know, the foreign exchange market doesn’t like uncertainties and confusion. It dampens investors’ confidence. Excess liquidity is a stoking factor for rising inflation.

“Also recall that the monetary policy committee meeting of the CBN, an independent body that looks at Nigeria’s monetary issues last met in July 2023. We are now almost going into February, and we don’t even know when the board is to be constituted.

“There is evidence that when the monetary policy committee of any country’s Central Bank is independent, the economy performs better and is not subservient to political interference.

“For these reasons and many others, we want to call on Cardoso to step aside. He lacks the ideas and the proficiency to drive the economic revolution that the nation craves. “