FALSE INFO ALERT: Tinubu did not ASK Cardoso to resign, says presidency

The presidency says President Bola Tinubu did not ask Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), to resign.

According to a report on Tuesday, the president reportedly asked Cardoso to resign from his position owing to his inability to stop the poor performance of the economy, most especially, the free fall of the naira.

The report also alleged that Tinubu instructed Cardoso to step down before his departure to China, despite alleged efforts by prominent Yoruba leaders to retain him in the role.

“Cardoso, who reportedly secured the nomination for the plum job through the Yoruba Elders, allegedly lacks the knack to turn around the troubled institution and the poor economy he inherited,” the report said.

“Cardoso’s undoing, according to insiders, is his inability to live up to the promise he made to President Tinubu in January to salvage the Naira and return it to between N700 and N900 to $1 before May 29, 2024, and also, save the economy from the ruins it currently lays.”

Addressing the claim via his X handle, Bayo Onanuga, special adviser to the president on information and strategy, called the report false.

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga said.

Cardoso was appointed by Tinubu on September 22, 2023.

Within the first year of Cardoso’s tenure, the naira has depreciated by 124.39 percent in the official window and depreciated by 66.83 percent in the parallel market.

When Cardoso assumed office, the naira was N738/$ in the official window however, almost a year later, the naira has depreciated to N1,656 per dollar in the official market as of Tuesday.

Also, in the parallel market, the naira has depreciated to N1,660/$ as of Tuesday, from the N995/$ reported when he began his tenure.