The newly nominated Governor of the Central Bank of Nigeria, Yemi Cardoso, has to tackle the country’s foreign exchange shortage and the double-digit interest rate that hurts businesses. He also has a Herculean task of taming the accelerating inflation rate, writes SAMI OLATUNJI
The announcement of the nomination of Yemi Cardoso as the new governor of the Central Bank of Nigeria elicited excitement among market players. Cardoso, who will be the 11th CBN governor, if successfully confirmed by the Senate, is not just one of them; his capacity to manage the country’s monetary policies is unassailable.
He will succeed Godwin Emefiele, whose suspension and dramatic removal still raises legal questions. The nomination of the 66-year-old banker will revive the argument over whether bankers or economists make better central bank governors. Cardoso is a banker, who once served as chairman of Citibank Nigeria. However, some of Nigeria’s most celebrated CBN governors have been economists.
The main issues for Nigeria’s incoming CBN governor include addressing the foreign exchange crisis, the double-digit interest rate and putting under control the accelerating inflation, and unpaid intervention loans.
