The recent nomination by President Bola Ahmed Tinubu of Mr Olayemi Cardoso as Governor of the Central Bank of Nigeria (CBN) and the subsequent confirmation by the Senate of the Federal Republic have laid to rest the controversy surrounding the substantive management of the apex monetary authority.
The arrest, detention and continuing prosecution of the erstwhile Governor of the Bank, Mr Godwin Emefiele over alleged money laundering, fraud and abuse of office had cast some cloud of uncertainty over the real Sheriff in the management of the Bank.
While some applauded the appointment, others raised some concerns, wondering whether it was an appointment to satisfy some political interests. Alongside Mr Cardoso, four other persons were nominated to fill all the slots for the position of Deputy Governor in a fell swoop. Be that as it may, emptying the entire Board of Governors of the CBN in a fell swoop could be challenging. The dissolving of the Boards of Federal Government parastatals, of which the CBN is part, is also a challenge. What is left are external members of the monetary policy committee to collaborate with the new team of Governor and four Deputy Governors to chart a new direction for the conduct of monetary policy.
Since independence, Nigerians have not seen the best of times in housing, as demand consistently outweighs supply, while prices are far beyond the reach of many citizens.