Forex Crisis: Sack CBN Governor, Cardoso, Top Bank Officials – Bwala Tells Tinubu

President Bola Tinubu has been urged to sack Olayemi Cardoso from his position as the Governor of the Central Bank of Nigeria (CBN).

The call was made by a former spokesperson of the Atiku/Okowa Presidential Campaign Organisation, Daniel Bwala.

Bwala’s request comes from ongoing concerns regarding the foreign exchange crisis currently facing the country.

Further extending his recommendation, Bwala also suggested that President Tinubu should consider removing top bank executives, arguing that their primary allegiance to the profit motives of the private sector might not align with the national interest in stabilizing Nigeria’s economy.

The call for a change in leadership at the CBN was made public through Bwala’s X account on Friday.

As a prominent figure within the Peoples Democratic Party (PDP), Bwala has maintained engagement with President Tinubu since his inauguration, offering critiques and suggestions on the nation’s economic policies.

Bwala’s critique of Cardoso’s tenure at the CBN is particularly pointed, suggesting that the current governor has not adequately addressed the core issues affecting Nigeria’s foreign exchange market.

According to Bwala, the ideal candidate for the role of the apex bank’s governor would be someone without a background as a bank executive, implying that such a background might cloud their judgment or priorities when dealing with the nation’s financial stability.

Bwala said, “The key to dealing blow to Forex crisis against the naira is a bit similar to the Enron Scandal in the US; which also require tough political decision.

“Simply sack all the bank execs; they are the only private sector players posting profits without loss since 2015 to date.

“Make them account for the FX they have been receiving from CBN 2015-2024.

“Force them to pay up all loans (if any) obtained from FGN in one week or seize their assets to recover same.

“Replace them with CBN complaint execs.

“Appoint a new CBN governor without a history of bank exec role who would be ruthlessly committed to this reform (if the present CBN governor is not prepared for that) Cardoso appears to be dancing around the elephant in the room. President Bola Tinubu must succeed with his reform agenda.”