Presidency denies asking Central Bank Governor Cardoso to resign over naira fall

The Presidency has refuted claims that President Bola Tinubu requested the resignation of the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, due to the continued devaluation of naira.

Several reports online claimed that President Tinubu had ordered Cardoso to resign his appointment as the CBN governor owing to his inability to stop the poor performance of the economy, most especially, the free fall of country’s currency, the Naira.

The reports said the President gave the marching order to Cardoso before he left Nigeria for China a few days ago.

The reports further stated that several Yoruba elders begged the President to reconsider his position and give Cardoso another chance to revive the economy but Tinubu shunned the pleas.

It was reported that Cardoso’s main offence was his inability to live up to the promise he made to President Tinubu in January to salvage the Naira and return it to N700-N900 to $1 before May 29, 2024, and also, save the economy.

The Naira began a historic fall against the dollar, dropping from the N950/$1 rate observed at the close of the week that Cardoso was appointed to N960/$1 by Monday of the week following his appointment as Nigeria’s upcoming central bank governor. It slipped further to N970/$1 in the early hours of Tuesday, the following day.

This situation has now become worse as $1 is currently being exchanged with over N1,600 in the forex market.

“The president is worried about the exchange rate and angry that Cardoso in one year in office could not revive the Naira to between N700 and N900 before May 29th as he promised.

However, the Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga said there has been no such request.

Bayo wrote: “It’s all lies. President Tinubu has not asked Yemi Cardoso to resign.

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