President Bola Tinubu has expressed concerns about the various conflicting opinions on the nation’s foreign exchange, which he believes have a negative impact on the market.
In a post on his official X (formerly Twitter) account on Thursday, the president appealed to the governors to be patient with the CBN governor in fulfilling his designated mandate.
He emphasized that not all opinions on the foreign exchange market are from experts and highlighted the entrusted responsibility of CBN governor Yemi Cardoso in currency stabilization.
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 fulfill their mandate.
“The “cacophony of postulations” on the fluctuation of foreign exchange rates is adversely affecting the market. Not everyone can be an expert.”
The president emphasized that if the governor of the Central Bank of Nigeria (CBN) does not fulfill his responsibility to maintain currency stability, he will promptly dismiss him from his position.
“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.
Despite multiple policy reforms from CBN governor Yemi Cardoso, the foreign exchange market is still grappling with currency stability.
In an effort to stabilize the naira, the CBN has issued several circulars introducing various monetary policies.
