The newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, has made decisions that may impact key development finance projects initiated by his predecessor, Godwin Emefiele.
These actions have the potential to pause the bank’s interventionist programs, which played a pivotal role in helping Nigeria recover from economic recession on two occasions within a five-year span, from 2016 to 2020.
Dr. Cardoso’s appointment, alongside four deputy governors, was made by President Bola Tinubu in September 2023, in response to the suspension of Emefiele and the voluntary resignation of his four deputies.
During his confirmation session with the Senate, Cardoso indicated his intention to depart from some of the policies implemented during the Emefiele-led administration.
Multiple sources privy to some of the management meetings held by Cardoso and his deputies said he emphatically stressed that his administration would specifically drop the bank’s N63 billion Centre of Excellence programme, Anchor Borrowers’ Programme, eNaira (a financial inclusion instrument) and the controversial currency redesign policy introduced to curb banknote counterfeiting and vote buying during the last general elections.
A reliable source at the apex bank told this newspaper that Cardoso said the ABP was characterised by fraud while disclosing that he would discontinue states’ engagement.
Cardoso, it was said, believes that most of the existing CBN unorthodox policies introduced to support the fiscal side and create buffers for the national economy are not public-oriented.
The new management has, however, said it would focus on the core mandate of the central bank – monetary and price stability, promoting sound financial system and exchange rate control.
“The man has cancelled many things, including state engagements,” the source who asked not to be named, said. “They want to focus on the core mandate of the CBN and promote pro-masses policies.”
