The Difficult Playbook of Cardoso’s CBN

Highlights from the 2024 IMF/ World Bank Spring Meetings.

Written by Kayode Olude

Jun 23, 2024

Press Briefing by CBN Governor, Mr. Olayemi Cardoso at the IMF/World Bank Spring Meetings, 2024. CENTRAL BANK OF NIGERIA / X.

Undoubtedly, Dr Olayemi Cardoso’s takeover of the reins of the Central Bank of Nigeria (CBN) in September 2023 at a time when Nigeria grappled with the bitter aftertaste of various monetary chaos was a difficult task. Within a year, Nigeria’s economy suffered several shocks. These included the forex liquidity crisis largely caused by limited United States dollar in-flows and the naira’s free fall owing to the exchange rate harmonization initiatives. Moreover, the rising inflation and, importantly, the lingering trust deficit in the CBN stemming from the naira redesign policy in October 2022, meted untold hardship on individuals and businesses in Nigeria. Collectively, these challenges were merely a foretaste of the issues on ground.

Within nine months of Cardoso steering the tides of Nigeria’s monetary policies, the CBN has introduced a series of policies that have since delivered various outcomes. Some positives have included the clearance of all foreign exchange backlog totalling about $7 billion and reversing the tides of the naira value, which grew from one of 2023’s worst-performing currencies, to become the best-performing currency for April 2024. Yet, this achievement was short-lived as the naira has since plummeted to the worst-performing currency in the world.

You’ve Reached Your Limit of Free Reading.

The Republic is a Nigerian media-tech company dedicated to explaining our time—through deeply reported journalism on power, culture and society.

Ad-Free Reading Experience

Focused consumption without interruptions.

Unlimited Access to Exclusive Archives

Years of reporting at your fingertips.

In-Depth Deep-dive Reporting

Long-form journalism that matters.

Create a free account to continue reading this month and access more of our work.

About the Author

Kayode Olude

is a writer based in England, United Kingdom.

Comments

SHOP THE REPUBLIC

The Sinister Side of Oluremi Tinubu’s ‘Entrepreneurial Citizenship’

The recent rhetoric of micro-entrepreneurship advanced by Nigeria’s first lady, Senator Oluremi Tinubu, harks back to longstanding assumptions about poverty in Africa while echoing a newer, more insidious discourse of entrepreneurial citizenship. Taken together, these narratives serve the interests of African governments and powerful external actors.

—March 22, 2026

The Night Women of Benin City

As daylight fades in Benin City, women step into the night to sustain families, communities and an informal economy that keeps the city alive. The women-led night markets of Benin transform into spaces of survival, solidarity and quiet resistance.

—March 22, 2026

The Speculative Worlds of ‘Yan Crypto

You thought the Nigerian cryptocurrency ecosystem was confined to Lagos? Think again. Meet northern Nigeria’s ‘yan crypto and the digital worlds of volatile money they deftly navigate.

—December 21, 2025

Inside Nigerian Freelancers’ Currency Trap

Nigeria’s freelance economy is growing, but for millions of digital workers, receiving international payments remains an extreme sport. If the country wants to export digital labour and capture its value at home, it must first fix how that labour gets paid.

—November 9, 2025

What Naira Decoupling Means for Nigeria’s Economy

For decades, oil has dictated the fate of the naira. When crude prices soared, the currency strengthened; when they collapsed, the naira buckled. This cycle, so familiar to Nigerians, once seemed unbreakable.

Subscribe to our free newsletter.

What’s your e-mail?

You’re in — welcome to The Republic

Complete your onboarding

Read

Connect

Apps

More

Read

Connect

Apps

More

The Difficult Playbook of Cardoso’s CBN