President Bola Ahmed Tinubu has expressed serious concern over what he described as a “cacophony of postulations” regarding the nation’s foreign exchange, stating that it has a negative impact on the market.
In a message posted on his official X (formerly Twitter) account on Thursday, Tinubu appealed to governors to exercise patience with the CBN governor in fulfilling his designated mandate on monetary policy.
Tinubu emphasized that not all opinions on the foreign exchange market are expert, highlighting the entrusted responsibility of CBN governor Yemi Cardoso for currency stabilization.
He urged all governors to trust the Central Bank of Nigeria in managing the country’s monetary policy and stressed the importance of designated institutions effectively fulfilling their mandates.
Tinubu pointed out that the proliferation of opinions on foreign exchange rate fluctuations is adversely affecting the market, emphasizing that not everyone can be an expert in this domain.
Further, Tinubu warned that if the CBN governor fails to execute his mandate on currency stability, he would not hesitate to swiftly remove him from the system.
He underscored the importance of allowing appointed individuals to carry out their assigned tasks, but also emphasized the need for swift action if they fail to deliver.
