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FG admits CBN’s reputation “badly battered” and needed rescue

The Nigerian Government disclosed that the President Bola Tinubu administration appointed a new management team for the Central Bank of Nigeria (CBN) because its reputation was “badly battered” and needed rescue.

This was disclosed in a statement on Wednesday by Sen. Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate) in Abuja.

Bad Reputation

Senator Gumel noted that the appointment of the new management team by President Bola Tinubu was part of efforts to rescue the Nigerian economy from its challenges and also create a new identity for the CBN, he said:

  • “The CBN’s image was badly battered, so this team that has come on board is a rescue team.
  • “They have come to rescue the image of the CBN.
  • “In fact, it is not only Nigerians that are waiting for the CBN’s new management to be up and running but the ECOWAS sub-region and the African Union(AU).
  • “They are waiting for Nigeria to get back the economy so that everybody will feel secure and happy,” he said.

He praised the Senate for confirming the appointment of Mr Olayemi Cardoso as the CBN Governor and his team on the first day of its plenary after recess, adding:

  • “The screening was successful as robust questions bothering on the economy were asked.
  • “The lawmakers told the CBN governor and the deputy governors the feelings of Nigerians and what they talked to the team about is reflective of what Nigerians feel about the CBN,” he said.
    Gumel expressed optimism that other appointees of the President would be screened and confirmed soon by the Senate.
  • “Today is a public holiday but we are in the office to receive CVs.
  • “We are also expecting the list of about three ministerial nominees from Kaduna, Kwara and Ondo states.
  • “In the spirit of Maulud, I am using this medium to call on Nigerians irrespective of religious belief to know that we do not have any other country but Nigeria.
  • He urged Nigerians to be patient with one another and accommodative in order to take Nigeria to the promised land in the spirit of renewed hope.”

The new CBN Governor, Olayemi Cardoso, expressed his commitment to addressing the apex bank’s outstanding foreign exchange obligations as a top priority in the immediate future.

He made this statement on Tuesday during the Senate members’ screening session.

Cardoso pledges to bolster transparency, address corporate governance issues, and guarantee the autonomy and integrity of the bank, instilling confidence.

  • “We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.

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