Forex Crisis: Bwala Urges President Tinubu to Sack CBN Governor, Top Bank Officials

Former spokesperson for Atiku Abubakar’s 2023 presidential campaign, Mr. Daniel Bwala, has passionately urged President Bola Tinubu to dismiss Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), amidst the deepening foreign exchange crisis in the country.

Bwala conveyed his plea to President Tinubu through his official X account on Friday, insisting not only on Cardoso’s removal but also on the ousting of top bank executives. He argued that individuals from the private sector, driven by profit motives, may not be the best stewards for the nation’s economic well-being.

The seasoned politician implored President Tinubu to appoint a new CBN governor without a background in bank executive roles, emphasizing that Cardoso seems to be evading the critical issues at hand. Bwala drew parallels with the Enron Scandal in the United States, suggesting a drastic approach to address the forex crisis.

“The key to dealing a blow to the forex crisis against the naira is a bit similar to the Enron Scandal in the US; which also requires tough political decisions,” Bwala stated.

His proposed measures include the immediate dismissal of all bank executives, holding them accountable for the forex received from the CBN between 2015 and 2024. Bwala further urged the government to compel them to settle any outstanding loans from the Federal Government within a week, with the option of seizing their assets to recover the amounts owed.

Bwala advocates for the replacement of ousted executives with individuals compliant with CBN regulations, stressing the importance of appointing a new CBN governor committed to robust reforms.

“Nigeria grapples with critical economic conditions resulting from various presidential policies and reforms. Despite assurances from the CBN governor and the economic team, Bwala’s urgent call for decisive action highlights the gravity of the situation and the need for swift and effective measures to address the forex crisis and stabilize the economy.”