CBN: Why Cardoso Must Win War Against Dollar To Prove His Mettle, Lawyer Explains

CBN: Why Cardoso Must Win War Against Dollar To Prove His Mettle, Lawyer Explains

  • The newly appointed governor of the Central Bank of Nigeria, Olayemi Michael Cardoso, has been told he is in for a serious task
  • In an exclusive interview with Oladotun Hassan, a legal practitioner and public affairs analyst, said Cardoso must win the war against the dollar
  • He stated that Cardoso's role is way beyond just an appointment, but it is a task he must take personally to prove a point that the Naira can be valuable

FCT, Abuja - As Nigerian awaits Olayemi Michael Cardoso to assume office as the head of the Central Bank of Nigeria, the expectations ahead of him are enormous and demanding.

On Friday, September 15, President Bola Tinubu appointed Cardoso to serve as the Governor of Nigeria's apex bank for five years, pending his confirmation by the Nigerian Senate.

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Yemi Cardoso, CBN, Dollar
Yemi Cardoso is expected to restore the strength of the Naira against the Dollar when he assumes office as the new CBN governor. Photo Credit: Yemi Cardoso
Source: Facebook

Cardoso is now saddled with the task of turning around the damages done by the previous administration of Godwin Emefiele and his cohorts over the past couple of years.

"He has gained a lot of managerial capacity and experience. So managing the CBN will not be a work over to him. But it should be taken into cognisance material fact, in law will look at the material fact, not where you are coming from.

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"CBN is a different institution, CBN is a banker bank, CBN is a bank that you need to regulate her currency, you need to print her currency, you need to advise the president, you need to be on top of the game and very assertive to correct their anomalies that are embellished corruption on the CBN."

Why Cardoso must be mean and rigid against politicians

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Hassan described the CBN as the "ATM of some political gladiators" that Cardoso must work on and stand firm against corruption within the apex bank with a "double-edged sword."

He stated that Cardoso must set a standard for the CBN and regain citizens' confidence, especially in the exchange rate between the Naira and the Dollar.

When asked about the derailing trend of the Naira against the Dollar and his expectation for Cardoso to curb it, Barr Hassan said:

"Mr governor of the Central Bank must be ready to show us how to follow the rule of engagement and the act of the CBN, ensuring that the Naira gains value by not just valuing and causing austerity and giving a lot of other policies but by creating a local market.
"Once we create a local market whereby we don’t even need to look at the other next neighbour to buy our staple food, our technology, our oil and gas is produced, and we are using it here, our education is refined, and we are doing everything here, everything is localized, we don’t need the dollar."

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Currency in circulation surpasses N2 trillion as new CBN governor assumes duty, faces N1k per dollar

In another development, the money in circulation in Nigeria has risen to N2.7 trillion as of the end of August 2023.

The Central Bank of Nigeria said the amount increased by N1.7 trillion monthly.

The currency in circulation hit an all-time low of N982 billion in February 2023 when the naira redesigned policy.


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