Stakeholders Urge Cardoso To Maintain CBN’s Independence

Capital market operators have asked the newly-nominated Central Bank of Nigeria (CBN) governor, Dr Olayemi Cardoso, to maintain the independence of the apex bank for the sake of the economy.

Naija News recalls that on Friday, President Bola Tinubu nominated Cardoso as the new CBN governor for a term of five years at the first instance, pending his confirmation by the Senate.

Speaking with Punch, stakeholders in the capital market set an agenda for the nominated apex bank governor, who is also a Fellow of the Chartered Institute of Stockbrokers.

Chairman, of the Association of Securities Dealing Houses of Nigeria, Sam Onukwue, described Cardoso as a thoroughbred professional with the required experience to stir the ship of the CBN.

Onukwue said, “He is a thoroughbred professional with relevant cognate industry experience. With him and the Minister of finance and coordinating minister of economy, we expect a healthy balance in the application of monetary and fiscal policies in the management of the nation’s economy.

“He must however strive to maintain the independence of the apex Bank without wavering for the bank to attain its goals during his tenure.”

Also, a professor of capital markets at the Nasarawa State University, Uche Uwaleke, said the nomination sends the right signals to the financial market stakeholders.

He said, “It is a welcome development. Dr Cardoso is eminently qualified. The CBN is too sensitive an institution to allow a Chief Executive to function in an acting capacity for a long period. A substantive CBN Governor sends the right signals to financial markets.”