A prominent Nigerian development expert has harshly rated the Central Bank of Nigeria’s (CBN) economic strategies under Governor Yemi Cardoso as below average.
In an interview with Nairametrics, on Monday, Dr. Aliyu Ilias described Cardoso’s approach as “topsy-turvy,” emphasising that it has failed to produce meaningful results over the past year.
Discussing the recent marginal decline in inflation rates, he stated, “What we saw recently in terms of reduction in inflation is too marginal. The harvest period is largely responsible for this drop.”
Ilias argued that the governor’s focus on inflation control is compromising economic growth. “He is sacrificing growth because he wants to reduce inflation. I will score him below average,” he asserted. “He needs to do more and be more strategic with his approach.”
Since Cardoso took office, the Naira has plummeted nearly 50% against the US dollar, despite an increase in Nigeria’s foreign exchange reserves, which rose by 12% to $37.39 billion.
According to FMDQ data, the exchange rate has deteriorated from N747.76 to N1,541.52 per dollar in just one year, highlighting a severe depreciation.
While Cardoso’s tenure has seen a significant boost in reserves, the highest under President Bola Tinubu’s administration, economic stability remains elusive.
