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CSO asks Tinubu to restructure CBN management to address economic crises

CSO asks Tinubu to restructure CBN management to address economic crises
March 04
22:56 2024

The Nigerian Unemployed Youth Vanguard, a civil society organisation (CSO), has asked President Bola Tinubu to restructure the management team of the Central Bank of Nigeria (CBN).

Speaking at a press conference on Monday in Abuja, Danesi Momoh, national coordinator of the CSO, said the current leadership of the apex bank lacks the needed expertise to address the economic crises in the country.

Momoh said the best way to end the hardship Nigerians are facing is to revive the ailing economy of the nation by injecting vibrant hands to manage the fiscal and monetary policies

He also called for the resignation or the removal of Yemi Cardoso, the governor of CBN.

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“Our very early recommendation is that he should resign or be sacked without any delay. We are currently buffeted on all sides by the crisis of continuing and worsening purchasing power of the Naira and a sickening forex nightmare; the catastrophe of hyper-inflation and consequent inability of many families to eke out a decent living,” Momoh said.

“Nigeria is faced with monetary and fiscal problems without any clear solution in sight as Cardoso is clearly overwhelmed and powerless.

“It is a pity that under the Renewed Hope Agenda of the current administration, Nigerians are increasingly becoming hopeless.

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“Nigerians are yet to see anything to fire up their hopes or hear any tangible thing to build their faith about the reforms of the Tinubu administration.

“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 of 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 is not sustainable. They are not based on clearly thought-out policy(ies) but a reaction to a near economic pandemic.”

The CSO further said it will mobilise Nigerians and other groups for a sustained “mega protest” in the coming weeks across the federation, including occupying all CBN branches, commercial bank premises and the national assembly “if Cardoso does not resign or is not sacked”.

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