Dr. Olayemi Cardoso, may not yet know how much Nigerians expect of him as the new Governor of the Central Bank of Nigeria.

He may have heard that “to whom much is given much is expected” but may not have sat on the seat to know how it feels. 

In fact, he may not even know how high the expectations of Nigerians are when it comes to that exalted seat he occupies.

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New CBN Governor Must Address Forex Crisis - CPPE
CBN Headquarters in Abuja

Well, to help him understand, an agenda has been set for him to run with by well-meaning Nigerians.

“Uneasy”, they say, “lies the head that wears the cap crown.”

This means that our new Governor of the Central Bank of Nigeria (CBN), must find solutions to the Weak Naira problem.

Have You Read: CBN Says Currency Outside Vaults Jumped By ₦1.7trn

Dr. Olayemi Cardoso, the new CBN Governor, must also speedily address the prevailing Forex crisis situation.

Weakened Naira And FX Crisis

On the parallel market last week, the Naira exchanged at ₦995 to a Dollar, showing how weak the Naira has become in recent in times.

The Centre for the Promotion of Private Enterprise (CPPE) believes that restoring Nigeria’s confidence in the foreign exchange market and rebuilding the banking industry are tasks that Cardoso must take seriously.

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According to the CPPE, “Dr. Olayemi Cardoso is assuming the leadership of the CBN at a very crucial time in our economic history.

“There is a serious confidence crisis in the foreign exchange market fueling speculative onslaught on the naira.”

Dr. Muda Yusuf made this known in his “10 Points Agenda for the CBN Governor,” issued on Sunday. The focus was on the forex crisis.

CPPE’s 10 Point Agenda For CBN Governor

The CPPE boss, listed the 10 points agenda to include all the following:

  • Restoring confidence to the foreign exchange market
  • Deepening the financial system
  • Ensuring efficiency of the financial system
  • Capital requirements for banks
  • Addressing ways and means
  • Financing of fiscal deficit
  • Complete jettisoning of the controversial naira redesign policy.
  • Tenure and cost of funds in the banking system,
  • Reducing concentration of risks in banking sector and
  • Initiation of stakeholders’ engagement and corporate governance.

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Indeed, the Nigerian economy is grappling with severe adverse effects of depreciating exchange rate, soaring energy costs, ravaging inflationary pressures, huge backlog of foreign exchange obligations that needs to be cleared and debt service obligations that need to be redeemed.

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