Nigeria: What Awaits Incoming CBN Governor

One of the most important tasks for the incoming Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, will be to resolve Nigeria’s foreign exchange (FX) harmonisation issues.

Development Diaries reports that President Bola Tinubu recently nominated Cardoso to serve as the new head of the country’s apex bank.

Essentially, Cardoso, with over 30 years of experience in private, public and not-for-profit sectors, needs to restore the confidence of the government of the day and convince Nigerians of his commitment to bettering monetary policy.

In his administration of the CBN finances and policies, Cardoso must be more open and accountable.

Furthermore, there needs to be a defined process for implementing policies in order to avoid a repeat of the chaos that followed the implementation of the naira redesign policy.

Cardoso also has the task of controlling inflation in Nigeria, unlike his predecessor, Godwin Emefiele, who failed to do so. Recall that at the time of his suspension, Emefiele, who had inherited a single-digit inflation rate when he got into office in 2015, had a double-digit inflation rate.

Nigeria’s headline inflation rate increased to 25.80 percent in August 2023, relative to the July 2023 headline inflation rate which was 24.08 percent.

It is hoped that the incoming CBN governor will change Nigeria’s financial system from ‘rotten’ to ‘fresh’, according to President Tinubu.


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