CSO Wants CBN Restructured To Meet New Challenges

A rights group, the Nigerian Unemployed Youth Vanguard, has urged President Bola Ahmed Tinubu to restructure the leadership of the Central Bank of Nigeria (CBN) to tackle the current economic crisis.
The group argued that the current policies spearheaded by CBN governor, Olayemi Cardoso, have exacerbated economic hardship, leading to hyperinflation.

Addressing newsmen yesterday in Abuja, the group’s national coordinator, Comrade Danesi Momoh, argued that the economic crisis exceeds Cardoso’s capability to resolve.
He stressed the urgent need to inject expertise into the nation’s fiscal and monetary policies to alleviate the prevailing hardships.

While expressing regret over the policies implemented since Cardoso assumed office, he cited a surge in the forex crisis and exorbitant interest rates that are detrimental to businesses.
Momoh said a planned protest by the group was underway but momentarily deferred due to the Nigeria Labour Congress (NLC) protest.
He said, “It is a pity that under the Renewed Hope Agenda of the current administration, Nigerians are increasingly becoming hopeless. 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. This is unacceptable and Cardoso should be sacked to restore the hopes of Nigerians.

“Sadly, concerning the outcome of the MPC, we are even more worried because it appears that it is the same knee jerk method of solution provision that has become the trademark of the CBN.
We wish that there were better assurances that raising the Monetary Policy Rate (MPR) holds the key to addressing inflation, when it is clear that it will automatically affect borrowing for long-term investments. It is left to be seen how businesses will thrive with 22.75 percent interest rates.”

Even though the naira has recorded some appreciable gains against the dollar in the last few days, the CSO insisted that the steps taken to achieve that are not sustainable and it will be foolhardy for Nigerians to rejoice yet.