The Centre for Social Justice, Equity, and Transparency (CESJET) has issued a demand for the resignation of Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, amidst the ongoing depreciation of the country’s currency, the naira.

CESJET’s Executive Secretary, Dr. Toyin Dawodu, stated that Cardoso’s alleged incapacity to tackle the naira’s free fall warranted his removal from office, asserting that he lacked the skills required to spearhead the economic overhaul needed by the nation.

The organization’s concerns were articulated in response to the persistent decline of the naira against the US dollar, highlighting the failure of exchange rate unification to offer a resolution to Nigeria’s currency woes. The statement further criticized the secrecy shrouding the CBN’s policy decisions, attributing them to the inability to address the underlying structural vulnerabilities.

“The economic trajectory of President Bola Tinubu’s administration remains ambiguous after six months. The CBN’s approach seems misaligned with the President’s vision,” the statement read. Additionally, Cardoso’s appointment, intended to usher in positive change amidst controversies surrounding his predecessor, Godwin Emefiele, fell short of expectations.

CESJET voiced concern over the naira’s recent dip to a historic low against the US dollar in the parallel market, linked to persistent dollar scarcities and heightened demand for the greenback. The organization also questioned the impact of the CBN’s purported $2 billion financial injection across sectors such as manufacturing, aviation, and petroleum, underscoring the lack of perceived benefits reaching ordinary Nigerians.

In light of these developments, the appeal for Cardoso’s resignation was underscored: “We want to call on Cardoso to step aside. He lacks the ideas and the proficiency to drive the economic revolution that the nation craves.”

The local currency’s decline vis-à-vis the US dollar has been pronounced, with the naira trading at an alarming rate of N1,325 to a dollar in the parallel forex market as of Thursday, January 18th.

The Center’s demand adds pressure to the beleaguered CBN Governor, as the fate of the naira continues to hang in the balance, casting a shadow over Nigeria’s economic stability and fueling anxieties among citizens and investors alike.