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Home ยป Centre demands resignation of CBN Gov as naira continues free fall
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Centre demands resignation of CBN Gov as naira continues free fall

OsunDailyBy OsunDailyJanuary 19, 2024No Comments2 Mins Read
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Nigeria's inflation will reduce in next two quarters - CBN Governor
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The Centre for Social Justice, Equity, and Transparency, CESJET, has asked the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, to resign his position for allegedly failing to address the continuous depreciation of the naira.

A statement issued on Friday by the Executive Secretary of CESJET, Dr Toyin Dawodu, claimed that Cardoso lacked the proficiency to โ€œdrive the economic revolution that the nation cravesโ€.

The statement lamented the nairaโ€™s persistent fall against the US dollar, stressing that the unification of exchange rates has failed to solve Nigeriaโ€™s currency problems.

Dawodu added that the apex bankโ€™s policy direction is shrouded in secrecy and has failed to address structural defects.

Parts of the statement read, โ€œThe economic direction of President Bola Tinubuโ€™s administration remains unclear after six months. The CBN appears to be far from the philosophy of the President.

โ€œWith the numerous controversies surrounding Godwin Emefiele, Cardosoโ€™s appointment was seen as a breath of fresh air. However, he has not lived up to expectations.

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

โ€œThe 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?

โ€œWe want to call on Cardoso to step aside. He lacks the ideas and the proficiency to drive the economic revolution that the nation craves. โ€

OsunDailyNG reports that the local currency has been losing value against the US dollar in the foreign exchange market.

As of Thursday, January 18th, naira was sold for N1,325 for a dollar at the parallel forex market.


Reach the right people at the right time with OsunDailyNG. Try and advertise any kind of your business to users online today. Kindly contact us for your advert or publication at newsdesk@osundailyng.com Call or Whatsapp: +2348132512456 07056907162
CBN Centre Continues Demands fall Free Gov Naira Resignation
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