CBN Governor Cardoso Returns Nigeria to the Era of Naira scarcity, Nigerians Lament

Before the 2023 general election, in a recall, the Former Governor of the Central Bank of Nigeria, Godwin Emefiele, in cahoots with his Deputy, Mr Folashodun Shonubi, as a probing investigation led by Jim Obazee, revealed that the two duos introduced the naira redesign policy to the country as alleged to be a serious financial crime, knowing it happened without the approval of the CBN Board. Yet, having moved public funds into offshore accounts, citizens question the competence of the newly Tinubu-appointed CBN Governor, Yemi Cardoso.

This is immediately after netizens took to social media to express their current reoccurrence amidst the scarcity of naira as commercial banks now issue out N5,000 and N10,000 at the counter. At the same time, Automated Teller Machines remain scantly loaded.

In a post, @MA_Iliasu stated that “(1) A CBN governor printed money, (2) manipulated the exchange rate, (3) converted the money into a foreign currency, and (4) sent it to offshore accounts. There’s a degree at which each stage of that fraud makes the life of an average Nigerian severely worse off.”

Amidst skepticism of Yemi Cardoso’s competence in heading the CBN, in a statement posted by a Lawyer on X, @chymaker said, “Let me put it here and I know it will become evident in no distant time. Dr Yemi Cardoso does not have the required qualifications and expertise to lead the Central Bank of Nigeria. I said it when Meffy (Godwin Emefiele) was appointed CBN Governor Mark this tweet.”

Nigerians, in their open criticism and scepticism, lament as the CBN Governor Cardoso Returns Nigeria to the Era of Naira scarcity. This results from a lack of communication with CBN activities or its intended policies around whether the new naira notes are to remain legal tender or the old ones remain. Such mixed communication has led citizens to question the ability of CBN and its activities around naira in proportionate amounts in circulation while experiencing its scarcity.

Read: Is NASS Considering Adoption of Yuan as Official Foreign Exchange in Nigeria?

About The Author

Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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