Central Bank’s Misguided Policies Under Cardoso Have Worsened Naira, Strangled Nigerian Economy – Civic Organisation
The civic organisation lamented that the Naira, once a symbol of Nigeria’s economic potential, had suffered due to misguided policies that had exacerbated instability and led to severe economic repercussions.
The Nigeria Must Win Network (NMWN), a civil society, has stated that interventions under the Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso’s leadership have created more uncertainty for the country’s economy.
The civic organisation lamented that the Naira, once a symbol of Nigeria’s economic potential, had suffered due to misguided policies that had exacerbated instability and led to severe economic repercussions.
In a statement signed by Muyiwa Badru, NMWN Coordinator, and sent to SaharaReporters on Thursday, the group asserted that the CBN governor’s tenure had been characterised by mismanagement and a failure to allow natural market adjustments.
The statement partly read; “The Nigeria Must Win Network (NMWN) issues a resounding call for the immediate removal of Dr. Yemi Cardoso, the current Governor of the Central Bank of Nigeria (CBN). Under his stewardship, the Naira, once a symbol of Nigeria’s economic potential, has suffered due to misguided policies that have exacerbated instability and led to severe economic repercussions.
“Before Dr. Cardoso assumed office, the decision to float the Naira aimed to let market forces determine its value, a move seen as a step towards stabilisation. However, his tenure has been characterised by mismanagement and a failure to allow for natural market adjustments. Instead, interventions under Dr. Cardoso’s leadership have created volatility and uncertainty.
“Upon his appointment, the Naira continued its decline, reflecting a growing lack of confidence in the CBN’s ability to manage the currency effectively. Temporary stability through interventions proved unsustainable, lacking robust economic fundamentals. Predictably, the Naira’s value plummeted, making it one of the worst-performing currencies globally. This volatility has had devastating effects on businesses, investors, and ordinary Nigerians alike.
“The Naira’s journey under Dr. Yemi Cardoso underscores the failure of current policies. Overhauling these is essential for sustainable economic growth. Nigeria deserves better, and decisive action is needed now,” the statement added.
