The Centre for Social Justice, Equity, and Transparency (CESJET) on Friday, asked Olayemi Cardoso, the Governor of the Central Bank of Nigeria,to resign due to alleged incompetence and a lack of vision for steering the nation’s economic transformation.
The Executive Secretary of CESJET, Dr. Toyin Dawodu, during a press conference described Cardoso as clueless and unprepared for the demands of his role.
The group expressed dissatisfaction with the persistent decline of the Naira and criticized the Central Bank’s policy, stating that the unification of exchange rates failed to address Nigeria’s currency challenges.
Dawodu further emphasised that the Central Bank’s policy directives are shrouded in secrecy and have not effectively tackled structural defects in the economic landscape.
She urged Cardoso to step down from his position, underscoring the urgency of addressing the ongoing depreciation of the Naira.
In its statement, CESJET also acknowledged President Bola Tinubu’s commitment to the Renewed Hope Agenda but expressed concerns about the administration’s economic direction.
Despite initial optimism surrounding Cardoso’s appointment as a replacement for Godwin Emefiele, the group contended that he has not met expectations.
Highlighting the recent record low of the Naira in the parallel market, CESJET raised questions about the tangible benefits of the Central Bank’s $2 billion financial injection across various sectors.
The group pointed to the challenging business environment, which has led major multinational firms to consider ceasing operations due to incoherent foreign exchange policies hindering profit and dividend repatriation.
Moreover, CESJET drew attention to the prolonged absence of a monetary policy committee meeting since July 2023, emphasizing the importance of an independent committee for the country’s economic performance.
The group concluded by reiterating its call for Olayemi Cardoso to resign, citing his alleged lack of ideas and proficiency needed to propel the economic revolution desired by the nation.
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