As Yemi Cardoso marks one year as the governor of the Central Bank of Nigeria (CBN) on September 22, 2024, many Nigerians are eager to assess his performance.
The naira’s ongoing depreciation against the dollar has kept him in the spotlight, raising questions about his approach to Nigeria’s economic challenges.
In this exclusive analysis by Toni Kan, Cardoso’s leadership at the CBN is examined through the lens of foreign exchange policies, banking regulations, and efforts to curb inflation.
A common sentiment shared among Nigerians is that the CBN governor’s role is simply about managing the naira’s value.
Cardoso, however, has worked on broader economic fronts. His initiatives include the reintroduction of the retail Dutch Auction System (rDAS), increasing diaspora remittance inflows by 130%, and raising the Monetary Policy Rate (MPR) to 26.75%.
Despite these efforts, inflation is still above the CBN’s 21.4% target, and the naira continues to struggle.
The jury may still be out on his overall effectiveness, but Cardoso’s policies reflect a governor who has laid the groundwork for economic stability.
In the words of Toni Kan, while Nigerians remain impatient for quick fixes, time could prove to be Cardoso’s greatest ally in the long-term battle against inflation and foreign exchange challenges.
