As Dr Olayemi Cardoso’s assumes his new responsibility at the Central Bank of Nigeria (CBN) ahead of the Senate screening, Director General of the Centre for Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, said he would need more than character to get the job done. He listed about 10 issues he should focus on to achieve success.
In a document shared with The newsmen,Yusuf wrote: “Cardoso has the pedigree, disposition and character that the position demands” but admitted the job at hand requires much more than character to get the right result.
The economist said: “Cardoso is assuming the leadership of the CBN at a very crucial time in our economic history. There is a serious confidence crisis in the foreign exchange market fueling an unprecedented speculative onslaught on the naira. The economy is grappling with severe adverse effects of depreciating exchange rate, soaring energy costs, ravaging inflationary pressures, a huge backlog of foreign exchange obligations that need to be cleared and debt service obligations that need to be redeemed. Sadly, these outcomes are manifesting at a time when the country’s foreign reserves have been substantially encumbered.