Monday, October 16, 2023


The newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, has chosen to depart from certain financial projects initiated by his predecessor, Godwin Emefiele. Cardoso's administration will notably terminate the bank's N63 billion Centre of Excellence program, the Anchor Borrowers' Program, eNaira (a financial inclusion tool), and the contentious currency redesign policy aimed at countering banknote counterfeiting and vote manipulation during the previous general elections.

Cardoso expressed concerns about fraudulent activities within the Anchor Borrowers' Program and has indicated that he will discontinue state-level involvement. He believes that many of the unconventional policies introduced by the CBN to support the fiscal side and create economic buffers are not sufficiently public-focused.

The new management's primary focus will be on the central bank's core mandates, which include ensuring monetary and price stability, promoting a robust financial system, and managing exchange rates.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Download our app