Presidency Denies Sacking CBN Governor Yemi Cardoso

By Adedapo Adesanya

The presidency has clarified that the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has not been sacked from his position as being speculated.

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, debunked reports by some media outlets, excluding Business Post, that President Bola Tinubu has removed one of his allies from office.

Taking to his official X handle on Tuesday, the presidential spokesman described the report as a “bundle of lies.”

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Mr Onanuga said while dismissing the report.

The report claimed that President Tinubu issued the directive to Cardoso before departing for China, despite efforts by influential Yoruba leaders to keep him in the position.

Mr Cardoso has faced criticism for his inability to address the ongoing economic challenges and stabilise the Naira.

He was nominated by President Tinubu on September 15, 2023, and assumed office as CBN Governor on September 22, 2023.

Mr Cardoso, a banker, chartered stockbroker and public policy expert, was a former commissioner of economic planning and budget in Lagos state. He was the erstwhile chairman of the board of the African Venture Philanthropy Alliance; and most recently, chairman of Citibank Nigeria Limited.

He and his deputies were cleared by the National Assembly days before he took over from acting CBN Governor, Mr Folashodun Shonubi, who took the mantle from the embattled Godwin Emefiele.

Mr Emefiele, who is being tried on alleged fraud of over billions in Naira was appointed by former President Goodluck Jonathan in 2014.

However, he faced backlash at the tail end of his tenure owing to the naira swap/redesign policy of ex-President Muhammadu Buhari’s administration.

The initiative caused a cash crunch in the country with several Nigerians taking to the streets in protest in the leadup to the 2023 general elections.