Presidency Throws Support Behind Cardoso, Promises Continued Crackdown On Naira Racketeers

Presidency Throws Support Behind Cardoso, Promises Continued Crackdown On Naira Racketeers

The Presidency affirmed on Tuesday that the joint efforts led by Yemi Cardoso at the Central Bank of Nigeria to stabilize the naira are in line with President Bola Tinubu’s comprehensive strategy to eradicate detrimental practices within the nation’s foreign exchange market.

It reiterated its commitment to combat racketeering, assuring Nigerians of a strengthened naira that would translate into a significant reduction in the prices of essential goods by the first quarter of 2025.

Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, emphasized this stance against the backdrop of recent measures introduced by the central bank to arrest the naira’s downward spiral and restore it to its equitable value.

The CBN’s initiatives, including unifying exchange rate windows, liberalizing the FX market, and addressing backlog obligations, have significantly contributed to the naira’s resurgence against the dollar, analysts noted.

Despite the positive outcomes, the Presidency pledged to maintain the momentum, emphasizing regulatory agencies’ pursuit of racketeers and other disruptive elements. Beyond stabilizing the exchange rate, President Tinubu’s administration aims to tackle inflation effectively.

Ngelale highlighted Tinubu’s consistent commitment to rewarding the populace for enduring challenges and sacrifices, stressing the need for sustained efforts to combat inflation and ensure fair pricing across sectors.

The Presidency expressed optimism about the anticipated resumption of operations by both private and government-owned crude oil refineries, foreseeing improved revenue and economic conditions.

Tinubu’s administration’s previous actions, such as discontinuing petrol subsidies and unifying foreign exchange rates, aimed at curbing arbitrage but initially caused fluctuations in the naira’s value and increased hardships, especially with soaring food prices.

The statement acknowledged the ongoing tensions between the administration and Organised Labour over perceived failure to mitigate public suffering, including debates over the viability of the N30,000 minimum wage.

The naira’s recent resurgence against the US dollar offers hope, with the CBN’s interventions aiming to rectify distortions in the FX market, particularly in the retail segment.

Efforts to investigate entities undermining economic reforms underscore the government’s determination to ensure stability and transparency in the financial sector.

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