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With the appointment of a substantive helmsman at the Central Bank of Nigeria , Dr Michael Olayemi Cardoso, the much-anticipated stability in the management structure is expected to begin to take shape.With the appointment of a substantive helmsman at the Central Bank of Nigeria , Dr Michael Olayemi Cardoso, the much-anticipated stability in the management structure is expected to begin to take shape.
It is important, also, to point out that Cardoso is assuming the leadership of the CBN at a very crucial time in the nation’s economic history. There is no gainsaying it that a serious confidence crisis in the foreign exchange market is fueling an unprecedented speculative onslaught on the naira.
Before his appointment, Cardoso, a banker, stockbroker and public policy maker, had served in Lagos state under Governor Tinubu as commissioner for Economic Planning and Budget. In this regard, he is considered an expert in fiscal policy as against the perceived mandate of the Central Bank, as an agency of government, that superintends over monetary policy and microeconomic issues.
Nigerians expect him to hit the ground running and put in place policies that will bring the economy under control by fashioning out implementable monetary policies that will, hopefully, energise the micro economic issues the president will act on in his determination to give the economy, generally, the desired kiss of life.
It will, also, not be out of place, to expect the incoming CBN governor to insist on the independence of the apex bank so as to avoid the abuse experienced lately in its application of the ways and means policy that almost turned it into the piggy bank of the executive branch. Elder Statesman, Edwin Clark, has said that Niger Delta roads, the region that produces Nigeria’s wealth, are in deplorable condition, urging President Bola Tinubu to declare a state of emergency on them.
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