Yemi Cardoso is marking his first year as Governor of the Central Bank of Nigeria (CBN) amid tough economic conditions.
While many Nigerians are concerned about the falling naira, Cardoso has introduced several measures to stabilize the currency and manage inflation.
Despite the naira depreciating to N1,580 against the dollar, his policies, such as allowing the naira to float and attracting record diaspora remittances, aim to restore confidence in the economy.
Cardoso has also taken bold steps to reform Nigeria’s banking sector and boost foreign exchange availability.
He reintroduced the Dutch Auction System to improve transparency and increase access to foreign exchange.
In the banking sector, he raised capital requirements to strengthen Nigerian banks and increased interest rates to manage inflation, though some worry this could slow business growth.
However, challenges remain, including inflation and political resistance to some of his reforms.
While Cardoso’s efforts have shown positive signs, such as a slight drop in inflation, more time and coordinated fiscal policies are needed to fully stabilize the economy and boost the value of the naira.
Nigerians are looking for quicker results, but the long-term impact of his policies is still unfolding.