Ndume to Cardoso: Concentrate on strengthening Naira not relocating CBN

Maureen Aguta

Senator representing Borno South senatorial district, Ali Ndume, has asked the Governor of the Central Bank of Nigeria, Dr Yemi Cardoso, to concentrate on strengthening the Naira.

The senator said Cardoso’s top priority should be to make Nigeria’s currency strong, rather than relocating the CBN to Lagos.

He said this in reaction to the plans of the Federal Government to relocate some units of the apex bank from Abuja to Lagos.

Recall that the Federal Government announced that some of offices of the CBN and that of the Federal Airports Authority of Nigeria (FAAN) would be moved to Lagos.

Reacting, Ndume said, “The CBN is supposed to concentrate on policies that are more important to Nigeria now. Under this CBN governor, dollar has gone up to N1,420 as at today; when he came in, it was not up to that, it was around N800 or less.

“What I want him (Cardoso) to do, or what Nigerians are expecting him, is to concentrate on how to bring the value of the naira up to what Mr. President called one exchange rate. That is important.

“The primary responsibility of the CBN is not commercial; it is not a profit making agency. So, that’s not an excuse. This decision would have to be weighed seriously. I am sure the president will look into it. I am very confident that we will reverse this unpopular decision.”