Emefiele : New CBN Governor, Cardoso Cautioned Over New Role

The Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf, on Saturday, cautioned the newly appointed Central Bank Governor, Oluyemi Michael Cardoso, against running the apex bank like his predecessor.

Naija News reports that President Bola Tinubu appointed Cardoso following the allegations of corruption and terrorism financing against the embattled former CBN governor, Godwin Emefiele.

Speaking about the appointment, Yusuf told Whistler that the changes in the apex bank did not come as a surprise as President Bola Ahmed Tinubu had hinted in his inaugural speech on May 29.

Yusuf said Cardoso is eminently qualified for the position, but added that the new CBN governor must not  follow the path of his predecessor.

He said, “Nigeria inflation is driven more by structural, fiscal and security factors than monetary phenomena. The monetary space is already very tight, with CRR at 32.5 per cent. However, he needs to be very cautious and restrained in the monetization of fiscal deficit.

“Under the previous CBN leadership, there were serious issues around the transparency of foreign exchange management as well as the intervention funds of the CBN.

“The failure of the CBN to publish Audited Accounts for six years was also a major breach of corporate governance values and the CBN Act.”