Restructure CBN to Curtail Hardship, CSO Urges Tinubu

• The pressure on President Bola Ahmed Tinubu to fix Nigeria's economy is getting more challenging as improvement seems complicated
• Lately, there have been questions about Tinubu's economic policies, especially from the tent of the Central Bank of Nigeria (CBN)
• The Nigerian Unemployed Youth Vanguard has expressed concerns about CBN's policies and has demanded reform

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

FCT, Abuja - The Nigerian Unemployed Youth Vanguard, a civil society organisation, has urged President Bola Ahmed Tinubu to promptly restructure the leadership of the Central Bank of Nigeria (CBN) to alleviate the ongoing hardships in the country.

They argue that the current leadership lacks the necessary expertise to address the challenges effectively.

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Speaking at a press conference in Abuja, the organisation's National Coordinator, Comrade Danesi Momoh, and Director of Programmes, Igwe Ude-Umanta, emphasised that the management of Nigeria's economic crisis exceeds the capabilities of the current CBN leadership, led by Mr. Olayemi Cardoso.

As advocates for youth empowerment, particularly the unemployed, the CSO highlighted the urgency of their call after reviewing the CBN's policies and programs under Mr Olayemi Cardoso, which they believe have failed to provide viable solutions.

They argue that the most effective way to alleviate Nigerians' hardships is to correct the CBN's flawed policies and rejuvenate the economy by appointing competent individuals to oversee the nation's fiscal and monetary policies.

CSO slams Cardoso's policies

It expressed disappointment over the policies implemented by Mr Cardoso since he became the CBN Governor, citing that they have led to a forex crisis and excessively high-interest rates for businesses, among other negative consequences.

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The civil society organisation hinted at their intended protest, which was temporarily postponed for several reasons, notably the ongoing Nigerian Labour Congress (NLC) protest and the necessity to review the Communiqué of the Monetary Policy Committee (MPC) to identify potential developments.

Despite recent improvements in the Naira's value against the dollar, the CSO warns against premature celebration, emphasising that the measures implemented are not viable in the long term.

According to the statement made available to Legit.ng, the group said:

"Due to a number of fire brigade approaches, the Naira has gained an appreciable strength against the dollar, moving from N1960 penultimate week to N1440 as at yesterday. Ordinarily, it should be cheering news that the Naira will continue to appreciate.

"The problem however, is that the number of measures responsible for this appreciation are not sustainable. They are not based on clearly thought-out policy(ies) but a reaction to a near economic pandemic."

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The conservative faction revisited historical pledges made by Mr Cardoso, aiming to jog Nigerians' memories regarding his commitments to stabilising the Foreign Exchange system through monetary stability, addressing institutional shortcomings, reinstating corporate governance, fortifying regulations, and enacting sensible policies.

However, they highlighted the stark reality that these promises have yet to be fulfilled, casting doubt on his competency.

Moreover, the group emphasised that the policies enacted by the CBN Governor, such as lifting the ban on importing 43 items and implementing a floating exchange rate to allow market dynamics to dictate forex prices, have been detrimental to the economy.

CBN revokes license of 4,173 BDC operators

Meanwhile, the CBN has taken action by revoking the operational licenses of 4,173 Bureau De Change Operators in Nigeria.

It stated that the affected BDCs failed to observe the regulatory provisions of the apex bank.

It also said it is working on guidelines which will be mandatory for all stakeholders upon the announcement.

Source: Legit.ng