Presidency Reacts To Alleged Order by Tinubu To Remove CBN Governor

The presidency has reacted to reports making the rounds claiming that President Bola Ahmed Tinubu has instructed Olayemi Cardoso to resign as Governor of the Central Bank of Nigeria (CBN).

The denial by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, follows online reports suggesting that Tinubu had asked Cardoso to step down due to his inability to stop the severe depreciation of the Naira and the overall poor performance of the economy.

Onanuga took to his X (formerly Twitter) account (@aonanuga1956) to dismiss the reports, stating, “It’s all lies. President Tinubu has not asked Yemi Cardoso to resign.”

An online platform had earlier reported that President Tinubu issued the directive to Cardoso before departing for China, despite efforts by influential Yoruba leaders to keep him in the position.

Cardoso has faced criticism for his inability to address the ongoing economic challenges and stabilise the Naira.

Olayemi Cardoso, a seasoned economic and development policy advisor, was nominated by President Tinubu on September 15, 2023, and assumed office as CBN Governor on September 22, 2023.

He and his deputies were cleared by the National Assembly days before he took over from acting CBN Governor, Folashodun Shonubi.