Presidency Opens Up On Fate Of CBN Governor

The Presidency has firmly denied reports suggesting that President Bola Tinubu ordered the resignation of the newly appointed Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.

The clarification by the presidency on the fate of the CBN governor came after Inside Business published claims that Cardoso was dismissed due to his inability to stabilize the naira and address the nation’s economic challenges.

According to the report, President Tinubu was alleged to have issued the directive before departing for China, despite intervention from Yoruba elders who had backed Cardoso’s appointment. The story further speculated that Cardoso’s reported failure to meet expectations, including a commitment to bring the naira’s exchange rate to between N700 and N900 per dollar by May 29, 2024, led to the supposed decision.

However, in response, presidential aide Bayo Onanuga swiftly refuted the claims, labeling them as false. In a brief statement released on Tuesday evening, Onanuga stated, “It’s all lies. President Tinubu has not asked Yemi Cardoso to resign.”

The clarification from the Presidency aims to quash growing speculation around Cardoso’s tenure just months after his nomination and subsequent confirmation as the CBN Governor. Cardoso’s mandate to stabilize Nigeria’s currency and economy remains a central focus of his leadership at the apex bank.
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