FX Crisis: Sack Cardoso,Top Banking Executives- Bwala Tasks Tinubu

Says dealing with the Forex crisis requires tough political decisions.
 Daniel Bwala with President Bola Ahmed Tinubu
Daniel Bwala with President Bola Ahmed Tinubu X (Formally Twitter)

Mr Daniel Bwala, a former spokesperson for Atiku Abubakar's presidential campaign in the 2023 elections, has urged President Bola Tinubu to dismiss Dr Olayemi Cardoso as Governor of the Central Bank of Nigeria (CBN) following the country's current foreign exchange crisis.

Bwala urged the President to dismiss senior bank executives, citing the fact that they work in the private sector and are only concerned with profit making.

The Peoples Democratic Party stalwart, who has been meeting with Tinubu since assuming office, announced this on Friday on his X account.
Bwala urged Tinubu to nominate a new apex bank governor with no prior bank executive role experience, claiming that Cardoso "appears to be dancing around the elephant in the room".

He further noted that the key to dealing with the Forex crisis against the naira is similar to the Enron Scandal in the US; it requires tough political decisions as well.

In his submission, he suggested that all the bank executives should be fired because they are the only private sector players posting profits without loss since 2015 to date. 

''Make them account for the FX they have been receiving from CBN 2015-2024. Force them to pay up all loans (if any) obtained from FGN in one week or seize their assets to recover same,'' he said.

Despite the difficult economic conditions caused by various policies and reforms of the president, the governor of the CBN and the economic team have come to the conclusion that the economic programmes are likely to yield fruitful results.

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