Give CBN A Chance On Forex Rate, I’ll Remove Governor If He Fails — Tinubu Tells Critics
President Bola Tinubu has expressed worries over the barrage of comments on Nigeria’s foreign exchange challenges, saying uninformed views are negatively impacting the forex market.
In X (formerly Twitter) on Thursday, He said, “On monetary policy and the CBN, I urge all governors to trust the Central Bank of Nigeria with the management of our country’s monetary policy and emphasized the need for designated institutions to effectively fulfil their mandate.
According to the president, not all opinions on the foreign exchange market are expert, noting the entrusted mandate to CBN governor Yemi Cardoso for currency stabilization.
He said, “The “cacophony of postulations” on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert.”
Speaking further, the president noted that if the CBN governor fails to carry out his mandate on currency stability, he will not hesitate to “quickly” remove him from the system.
“If we have assigned someone a task, we must allow them to perform it.
“If they fail, then we must find a way to quickly remove them from the system,” he added.
Analysts say Tinubu’s remarks re-echo his administration’s confidence in the CBN’s recent market-driven reforms to achieve a unified exchange rate and eventual Naira float. But concerns remain with the currency trading over N1500/$1 this week.
The president’s tweet follows growing criticism as Naira continues to plummet against the dollar, between official and parallel market Naira rates, despite the CBN discontinuing forex sale caps to banks and lifting restrictions on interbank forex sales proceeds.
