Presidency reacts to CBN governor’s alleged resignation

The presidency has swiftly denied reports that President Bola Tinubu ordered Central Bank of Nigeria (CBN) Governor Olayemi Cardoso to resign.

This comes after Inside Business claimed that Tinubu dismissed Cardoso due to his inability to halt the naira’s decline and address economic challenges

According to the report, Tinubu supposedly issued the order before departing for China, despite appeals from Yoruba Elders who supported Cardoso’s tenure. Cardoso, who was nominated for the position with backing from these elders, allegedly struggled to meet expectations, including his commitment to stabilize the naira and improve the economy.

Insiders pointed to Cardoso’s failure to meet a January promise to reduce the naira’s exchange rate to between N700 and N900 per dollar by May 29, 2024, as a critical factor in his reported dismissal. However, this claim has been strongly refuted by the presidency.

In a brief statement on Tuesday evening, presidential aide Bayo Onanuga dismissed these claims, stating, “It’s all lies. President Tinubu has not asked Yemi Cardoso to resign.” This denial puts to rest speculation surrounding Cardoso’s tenure as CBN Governor.

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Thediscovererng.com reports that this development comes as Nigeria grapples with economic challenges, including a struggling currency and rising inflation. The CBN, under Cardoso’s leadership, has faced criticism for its handling of the economy.