Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has emerged as a central figure in the narrative of Nigeria’s economic resilience, especially in the face of the Naira crisis that has tested the fortitude of Africa’s largest economy. His tenure, marked by decisive action and strategic foresight, has seen the Naira navigate through turbulent waters, eventually finding a steadier course amidst a sea of economic challenges. The measures implemented under his leadership exemplify a blend of courage, innovation, and a steadfast commitment to the economic well-being of Nigerians.

Cardoso’s approach to the crisis was multi-faceted, addressing both immediate and structural issues with precision and authority. One of the first challenges he tackled was the speculation and arbitrage activities that significantly contributed to the Naira’s depreciation. By identifying and acting against entities such as Binance Nigeria Ltd and various unregistered bureau de change operators, Cardoso cut off a significant source of pressure on the Naira. This action, along with the forensic auditing of forex obligations carried out by Deloitte Management Consulting, showcased his resolve to ensure transparency and accountability in the forex market.

Moreover, the Governor’s strategic decision to fulfill legitimate forex obligations to foreign entities and his crackdown on illicit financial flows demonstrated a keen understanding of the importance of international confidence in Nigeria’s economic policies. The successful issuance of Nigeria’s first Eurobond in two years, which was oversubscribed, is a testament to the growing trust in Nigeria’s economic direction under Cardoso’s guidance.


Cardoso’s collaboration with law enforcement agencies like the Economic and Financial Crimes Commission (EFCC) and the Nigerian Police further underscores his comprehensive approach to stabilizing the Naira. This partnership has been instrumental in curbing illegal financial activities and restoring order in the forex parallel market.

One of the boldest moves by Cardoso was at the maiden Monetary Policy Committee (MPC) meeting under his chairmanship in February 2024, raising the Monetary Policy Rate (MPR), a benchmark interest rate to 400 basis point to 22.75% from 18.75%,the asymmetric corridor around the MPR to +100/-700 basis point from +100/-300, the Cash Reserve Requirement (CRR) to 45% from 32.5% but retained Liquidity Ratio at 30%,signaled a strong commitment to taming inflation and stabilizing the economy. These measures, while tough, were necessary to curb the excessive money supply contributing to inflation, demonstrating Cardoso’s readiness to make difficult decisions for the greater good.

Olayemi Cardoso’s leadership reflects a blend of resilience, strategic vision, and a deep-seated commitment to Nigeria’s economic stability. His actions have not only helped in steering the Naira back to a path of recovery but have also laid the groundwork for a more robust and resilient economy. Through a combination of rigorous policy implementation, strategic partnerships, and a clear focus on transparency and accountability, Cardoso has demonstrated an exemplary model of central banking in times of crisis. His tenure thus far is a beacon of hope for the Nigerian economy,illustrating that with the right leadership, even the most daunting economic challenges can be navigated successfully.



https://punchng.com/naira-bounce-backthe-impact-of-cardosos-strategies/?utm_source=telegram&utm_medium=social

Egbenu werey soun.

Propaganda left right and center. Oloriibu

propaganda government

These Lagos people came but to plunder the wealth of Nigeria.I say it again when Tinubu will leave Aso Rock, the magnitude of stealing that would have occurred will shock.... I wanted to say shock Nigeria alas nothing shocks us anymore

Cardosos strategy is working but the obedients won't like it at all.
They were looking for naira to free fall to 2000 to 1. Very unpatriotic people.

Bounce back ko fly away ni, until fuel price drop I will take you guys serious

Bro see, if na play make you stop am. It's past 9pm in Nigeria, Sunday, Easter Sunday for that matter.

Where did you want the born haters of Nigeria to get Flagyl to take care of their running stomach about anything good news like this.

Abeg make we try to dey be our brother's keeper, don't let them shit their intestines due to unavailability of Flagyl .

Thank you

goatandyam:
Egbenu werey soun.

Propaganda left right and center. Oloriibu

How many Flagyl have you taken after reading this news? Chai, the running stomach no go be here.

Na only good news about Nigeria must be scrutinized but the bad news, what's the meaning of verification, when na vindicating things.

Meanwhile, Olofo lo n binu Ologo

When the naira was losing, obidients were abusing him, they claimed he's incompetent. Instead of them to give him the praise he deserve now, they are asking for when price will start falling.

Price will start falling from next month and inflation will start falling in may

The Lagos Wizkids.

Olayemi Cardoso
Tunde Edu
Ben Akabueze
Yemi Judas Osinbajo
Babajide Sanwo-Olu
Akinwunmi Ambode
Raji Fashola
Abike Dabiri
Rauf Judas Aregberascal

You can list up to 100 of them. They are all Disciples of the god of Politics Emilokan Asiwaju Bola Ahmed Tinubu Jagaban Borgu the City Boy Extraordinaire Omo Alhaja Abibatu Mogaji

goatandyam:
Egbenu werey soun.

Propaganda left right and center. Oloriibu

You go just kee yourself over nothing

goatandyam:
Egbenu werey soun.

Propaganda left right and center. Oloriibu

Don't mind him, Buy more dollars and keep under your pillow. You hear?

SadiqBabaSani:
These Lagos people came but to plunder the wealth of Nigeria.I say it again when Tinubu will leave Aso Rock, the magnitude of stealing that would have occurred will shock.... I wanted to say shock Nigeria alas nothing shocks us anymore

Is that all?
You can now go hang yourself.

SadiqBabaSani:
These Lagos people came but to plunder the wealth of Nigeria.I say it again when Tinubu will leave Aso Rock, the magnitude of stealing that would have occurred will shock.... I wanted to say shock Nigeria alas nothing shocks us anymore

Shalaye is unnecessary

Nigeria is working children of hate aka pigs are crying.

Who's giving them food now? I don't here ebi'n pawon again.

From top to bottom of the pit.

Has the naira bounced back to 300 to the USD as Jagaban promised in April 2023?

helinues:


Shalaye is unnecessary

Still wasting away without a job ?

Take us to 600 , then we will start to applaud...afterall, they took it from 700 to where we have today

Useless propaganda from people wey no get shame

helinues:
Bro see, if na play make you stop am. It's past 9pm in Nigeria, Sunday, Easter Sunday for that matter.

Where did you want the born haters of Nigeria to get Flagyl to take care of their running stomach about anything good news like this.

Abeg make we try to dey be our brother's keeper, don't let them shit their intestines due to unavailability of Flagyl .

Thank you

An online bot and keyboard warrior like you should know when to shut up.

What was the price of dollar when Tinubu came to power?

How much is it now?

Cardoso is doing a great job but Obis supporters would say otherwise. They are against every policy Tinubu brings up without giving their own alternative solutions. Is that responsible opposition? Opposition in developed countries does not just disagree with government but offer alternative solutions but gbajue people have nothing upstairs other than to vaguely attack Tinubu for nothing other than their mediocre kinsman lost to Tinubu.

So CBN governor will reduce fuel pump price for you obidient ipob with no brain for you to take him serious, continue waiting o.

ojun50:
Bounce back ko fly away ni, until fuel price drop I will take you guys serious

goatandyam:
Egbenu werey soun.

Propaganda left right and center. Oloriibu

This your PAINMENT is RAW and NATURAL!!!!!!!

propaganda government

Lol.

The strategy is obvious.

Make a situation 1000 times worse, then make it just slightly better and let loose the propaganda hell hounds.

I see that FG has made a turn, but it's not Uhuru yet...more work needs to be done to reduce the demand for dollars for imports and export more.

Obidients or fascits or whatever you are these days, stop this hate on Nigeria, it is unhealthy. Support good causes, don't be a witch, na witchcraft to hate progress and good news.

No special strategy. If cbn floats the naira and decides not to supply dollars to bdc or banks. What it is telling the market is go and find
Source for your dollars at any price.

Now cbn decides to start supplying bdc with dollars at specific rate, which means no more floating. Time to defend the naira with dollars.

Summary cbn and fed govt created the problem they are trying to solve by believing that textbook law of demand and supply can actually work in Nigeria.

I don't understand the kind of people we are in Nigeria. So OP, is prasing Cardoso for the crash in FX even at N1300/$1?

In the first place, who was responsible for its fall? Buhari/Emefiele? No. They handed the Naira at N700/$1 to Tinubu/Cardoso. So what have they done to deserve any accolades?

another Reno Omokri!

Front0lane:
So CBN governor will reduce fuel pump price for you obidient ipob with no brain for you to take him serious, continue waiting o.

Everything is about obedient and ipob, werey omo

PBAT can't get one wrong

I was very critical of Cardoso before now but it seems man knows what's he's doing


Wale Edun should join hand and stabilize things