The Presidency has dismissed rumors that President Bola Tinubu has asked the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to resign due to the continued depreciation of the Nigerian currency, the Naira.
Online reports had circulated claiming that President Tinubu instructed Cardoso to step down from his role as CBN Governor, citing his inability to address the country’s economic challenges, particularly the persistent decline in the value of the Naira. According to these reports, the President allegedly issued this directive before departing for China a few days ago.
The reports further suggested that several prominent Yoruba elders had intervened, appealing to President Tinubu to reconsider and give Cardoso another opportunity to improve the economy, but these pleas were reportedly ignored. It was also alleged that Cardoso had failed to fulfill a commitment made in January to stabilize the Naira, with the goal of achieving an exchange rate of N700-N900 to $1 by May 29, 2024.
Since Cardoso's appointment, the Naira has continued to lose value, falling from N950/$1 at the time of his appointment to N960/$1 shortly thereafter, and further declining to N970/$1 in the days following. As of now, the exchange rate has reportedly worsened, with $1 trading for over N1,600 on the forex market.
Despite these claims, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, has unequivocally denied that President Tinubu requested Cardoso's resignation. In a statement, Onanuga said, "It’s all lies. President Tinubu has not asked Yemi Cardoso to resign."
Posts
No comments:
Post a Comment