New CBN of purpose, focus, and professionalism: kudos to Yemi Cardoso, by Kola Amzat

In the twilight of President Muhammud Buhari’s second term in office, I dropped an article with the theme “Emefiele: the worst CBN governor ever” published by a number of Nigerian tabloids and a host of on-line publications.  

In the write-up, I highlighted quite a number of suicidal policies implemented by the Agbor born banker that necessitated the near-collapse of the economy. 

These thoughtless and inept policies included his unethical desire to constantly printing Naira in trillions, without regard for productive activities to back-up them, discreetly committing several billions of Naira to his political adventures, aimlessly & recklessly funding projects  that were primarily meant for other relevant agencies of government with billions of domestic and foreign currencies at the expense of other CBN activities, completely abdicating the primary role of CBN as purveyor and custodian of monetary policy, his persistent refusal to collaborate with Federal Ministry of Finance to propel and stabilize the economy with the synergistic effects of fiscal and monetary policies, persistence disobedience to respond to NASS invitations to provide clarifications on unwholesome activities of CBN under his watch, indiscriminate issuance of banking licenses to quite a number of undesirable elements, persistently manipulating foreign exchange market to favour his cronies, a key policy measure that drastically and directly  wrecked the nation foreign exchange reserves, as well as affected the nation debt-service ratio, not to forget the unethical and unprofessional activities of banks in ATM facility, as well as his complete abandonment of POS operators to conduct their operations  with so much impunity.

Nigerians would vividly recollect that, what climaxed his regime of horrors and pains was the Naira change design policy that he wickedly and selfishly implemented essentially aimed at truncating the presidential bid of Asiwaju Bola Ahmed Tinubu, a development that largely put him in his present condition.

Without a shred of doubt, Godwin Emefiele ran CBN as his fiefdom; operating like a loose-cannon.

In a decent and civilized society, his type would rot in jail forever!

Meanwhile, for whatever the new appointee would bring to CBN, Nigerians, who were subject to pains, agonies and tribulations on account of Emefiele regime of horror and near-death, were happy that at least, there would be a fresh of new breath.   

It’s therefore not surprising that the generality of Nigerian people welcomed Yemi Cardoso with open hands, when President Bola Tinubu announced him as the CBN governor, shortly after the president’s inauguration into the office.

Cardoso, a development economist, former chairman of Citibank, a prominent figure in Nigerian finance and public policy, with a background in banking, stockbroking and public policy, served as Commissioner for Economic Planning and Budget of Lagos state during the regime of Asiwaju Bola Tinubu as Lagos State Governor.

Nigerians were therefore not taken aback when the president named him CBN governor very shortly after the president get inaugurated into the office.

And from all indications, it does appear as if the president made a right choice, as unassuming and quiet but, effective and highly efficient Cardoso has assumed the huge responsibility of turning the tide of the Bank, with so much grace, sense of responsibility, professionalism and courage.

His first point of call was clearing over $7 billion in verified foreign exchange backlogs, just within two years in office, a development that has significantly improved the image and brand of the country, in the assessment of the international community, particularly with respect to credit ratings.

The clearing of the humongous foreign exchange debt has also positively impacted the reduction of volatility in the foreign exchange market.

In a bid to enhance banks’ capital adequacy, strengthen financial stability that Emefiele almost wreck, as well as positioning the Nigerian banks to capitalize on emerging market opportunities, CBN under Yemi Cardozo watch, has mandated Nigerian banks to increase their paid-in common equity capital by April 2026 on their license category that ranges from NGN50bn to NGN500bn.    

As I drop this write-up, the bank has confirmed that 14 banks have met their recapitalization target, even before the April 2026 deadline. 

It’s also instructive to note that under Cardozo watch, foreign reserves has continued to maintain an upward trend, surging to its strongest level in six years, crossing the $42.03 billion for the first time since September 2019.

On account of CBN sound economic management, there was a major drop in the debt service-to-revenue ratio from 97% to under 50%.

This is on account of strategic, deliberate, and well-thought out, as well as inventful reforms being implemented by Cardozo and his team.  

The renewed stability of the Naira has been pivotal in restoring foreign and local investors’ confidence and encouraging autonomous foreign currency inflows through formal financial channels.

These inflows are helping in no small measures to diversify Nigeria’s foreign exchange sources beyond the traditional heavy reliance on oil revenues.

Also, on account of key economic measures and reforms by government and CBN, foreign and local investors’ confidence are being boosted, a development that has significantly rejuvenated the market.

More importantly, there has been a significant return of foreign portfolio investors to the Nigerian capital market, and even more companies are approaching the market to raise capital.

In September 2025, NGX All-Share Index ASI closed at 140,545.69, while total equity capitalization closed at ₦88.922 trillion, both indices up by about 1.12%, a phenomenal achievement by all standards.      

The sound economic framework has also resulted in GDP growth of 4.23%-Nigeria’s fastest growth in three years. Instructively, it outpaced 3.4% originally projected by the International Monetary Fund (IMF).

Inflationary rate declined to 20.12% in August 2025, the lowest in the past 4 years.

On account of sound economic management, there was a major drop in the debt service-to-revenue ratio from 97% to under 50%.

Under Cardozo watch, CBN has also introduced financial inclusion initiatives, Nigerian Payments System Vision and Unified Complaints Tracking System (UCTS), among others.

Who would stop Yemi Cardozo in rolling out consistent strategic initiatives to turn the tide at CBN?

A man of purpose! A man of vision! A man of great ideas and knowledge! Yet, simple, loud less, not giving to the vociferous noise of the market.    

If there is need to salute any one for the turn-around in CBN, it must be the President Tinubu who, against all odds, casts his loins on the development economist.  

Tinubu’s greatest asset remains his uncanny ability to identify stars and talents, and thereafter, launches them to stardom. He’s done that for the umpteenth time. He has continued to do it. He won’t stop doing it.

 He probably remains one of the very few African leaders who Almighty God endowed with this unusual trait.

This is good for the development and prosperity of our dear nation.

Kola AMZAT (FCA, FCIB),

Lagos based Financial & Management Consultants,

09077509348.