Tinubu Presidency Refutes Claims of Requesting CBN Governor Cardoso’s Resignation Amid Naira Decline
By Okafor Joseph Afam, September 17, 2024
The Presidency has refuted claims circulating online that President Bola Tinubu requested the resignation of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso due to the continued devaluation of the naira.
Multiple reports alleged that President Tinubu had ordered Governor Cardoso to step down over his inability to curb the poor performance of the Nigerian economy, particularly the steep decline in the value of the naira. The reports claimed that Tinubu gave this directive before departing Nigeria for China a few days ago.
According to these sources, prominent Yoruba elders intervened, urging the president to reconsider his stance and give Cardoso another chance to revive the economy. However, it was reported that President Tinubu allegedly dismissed these pleas.
Cardoso’s purported “failure” was tied to a promise made to President Tinubu in January to stabilize the naira and return its exchange rate to a range of N700-N900 per dollar before May 29, 2024. This promise, alongside efforts to address Nigeria’s economic challenges, was at the center of the controversy.
The naira, which traded at N950/$1 at the time of Cardoso’s appointment, experienced a historic fall. It further depreciated to N960/$1 within days of his assumption of office, reaching N970/$1 shortly after. Currently, the naira is trading at over N1,600/$1 on the forex market.
“The president is indeed concerned about the exchange rate and frustrated by the fact that Cardoso, after one year in office, was unable to restore the naira’s value to the promised range of N700-N900 before May 29th,” a source familiar with the situation was quoted as saying.
However, in an official statement, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, firmly denied that any such resignation request was made. He called the reports baseless and reaffirmed the administration’s support for Governor Cardoso in addressing the nation’s economic challenges.
