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HomeNewsCentre Demands Resignation of CBN Gov as Naira Continues Free Fall

Centre Demands Resignation of CBN Gov as Naira Continues Free Fall

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 “drive the economic revolution that the nation craves”.The statement lamented the naira’s persistent fall against the US dollar, stressing that the unification of exchange rates has failed to solve Nigeria’s currency problems.Dawodu added that the apex bank’s policy direction is shrouded in secrecy and has failed to address structural defects.Parts of the statement read, “The economic direction of President Bola Tinubu’s administration remains unclear after six months. The CBN appears to be far from the philosophy of the President.“With the numerous controversies surrounding Godwin Emefiele, Cardoso’s appointment was seen as a breath of fresh air. However, he has not lived up to expectations.“The naira recently fell to a record low in the parallel market due to persistent dollar shortages and increased demand for the greenback. The apex bank’s policy directive is shrouded in secrecy and has failed to address structural defects.“The 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?“We want to call on Cardoso to step aside. He lacks the ideas and the proficiency to drive the economic revolution that the nation craves. ”JUNGLETALKER 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.

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